We are seeing a price rebound from strong support around the ~0.1900 level, which may signal the end of the correction. A potential double bottom formation is forming, which often indicates a trend reversal to the upside.
Additional arguments:
The WT_LB oscillator shows an oversold zone and initial upward curvature of signal lines – a typical buy signal.
After a strong downtrend, a consolidation phase has occurred, likely acting as an accumulation zone before a potential move upward.
The risk-to-reward ratio (R/R) is very favorable (around 1:5), supporting a long entry at the current market structure.
📌Technical signals and a strong R/R ratio support a bullish scenario, with a target around 0.252 and a stop-loss set near 0.185.
Additional arguments:
The WT_LB oscillator shows an oversold zone and initial upward curvature of signal lines – a typical buy signal.
After a strong downtrend, a consolidation phase has occurred, likely acting as an accumulation zone before a potential move upward.
The risk-to-reward ratio (R/R) is very favorable (around 1:5), supporting a long entry at the current market structure.
📌Technical signals and a strong R/R ratio support a bullish scenario, with a target around 0.252 and a stop-loss set near 0.185.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.