FXSUSD out of the 6 month accumulation zone, start of Bull Cycle
FRAX SHARE (FXSUSD) broke four days ago above the Accumulation Zone that has been in effect for 6 months (since May 25 2022). That was the range where investors bought the token in preparation for the next Bull Cycle. This has just started with that break-out and the first Resistance cluster that the token will face is the 0.382 Fibonacci - 1W MA50 (red trend-line) zone.
A pull-back here would do wonders for those late to the rally, with the 1D MA50 (blue trend-line) providing the long-term Support. In fact, it is about to form a Golden Cross with the 1D MA200, the first such (bullish) pattern since September 24 2021. A weekly closing above the 1W MA50 extends the rally to the immediate upper Fibonacci levels (0.5 at 13.450 and 0.618 at 18.000).
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A pull-back here would do wonders for those late to the rally, with the 1D MA50 (blue trend-line) providing the long-term Support. In fact, it is about to form a Golden Cross with the 1D MA200, the first such (bullish) pattern since September 24 2021. A weekly closing above the 1W MA50 extends the rally to the immediate upper Fibonacci levels (0.5 at 13.450 and 0.618 at 18.000).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
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