This weekly chart provides a broader perspective and helps identify longer-term targets and trends.
1. Price Structure (Elliott Wave Projection):
The chart suggests a potential 5-wave Elliott structure, implying a medium-to-long-term bullish reversal pattern.
Wave (1) starts from the current support (~1.2 USDT) aiming towards ~6.1 USDT.
Wave (2) is projected to pull back after reaching ~6.1 USDT.
Wave (3) could extend up to ~16.7 USDT, making it the strongest wave based on Elliott Wave Theory.
Wave (5) targets the ~20.99 USDT region as the final bullish extension.
2. Ichimoku Cloud:
The price is still far below the weekly Ichimoku cloud, signaling a strong long-term bearish trend.
However, the current price level (~1.28 USDT) is near historical support and the chart indicates a possible long-term reversal.
3. RSI (14):
RSI is currently at 28.90, near the oversold region (<30).
Historically, price has often bounced from this zone in previous cycles (e.g., late 2022 and early 2023).
4. MACD:
MACD is deeply negative and currently flattening, suggesting selling pressure is fading.
A bullish MACD cross could occur in the coming weeks, supporting the long-term reversal scenario.
5. Major Buy Zone (Long-term accumulation):
1.20 - 1.30 USDT: This is the key accumulation zone.
Historically, this has been a strong base where bulls stepped in.
Considering the weekly timeframe, this zone offers high potential with a favorable risk/reward ratio.
6. Major Take-Profit Zones:
TP1: 6.12 USDT (First significant target aligned with Fib 0.236 level).
TP2: 10.62 USDT (0.5 Fibonacci retracement level).
TP3: 13.14 USDT (0.618 Fibonacci zone - strong resistance).
TP4: 16.71 USDT (extended bullish scenario).
TP5: 20.99 USDT (Fibonacci extension target if a full bullish cycle plays out).
7. Summary & Strategy:
The setup suggests a long-term bottoming process at current levels with room for a potential multi-wave bullish structure.
Accumulate between 1.20 - 1.30 USDT.
Consider scaling out at each TP level based on your risk appetite and market conditions.
Stop loss idea: Below 1.00 USDT (to protect against breakdowns).
1. Price Structure (Elliott Wave Projection):
The chart suggests a potential 5-wave Elliott structure, implying a medium-to-long-term bullish reversal pattern.
Wave (1) starts from the current support (~1.2 USDT) aiming towards ~6.1 USDT.
Wave (2) is projected to pull back after reaching ~6.1 USDT.
Wave (3) could extend up to ~16.7 USDT, making it the strongest wave based on Elliott Wave Theory.
Wave (5) targets the ~20.99 USDT region as the final bullish extension.
2. Ichimoku Cloud:
The price is still far below the weekly Ichimoku cloud, signaling a strong long-term bearish trend.
However, the current price level (~1.28 USDT) is near historical support and the chart indicates a possible long-term reversal.
3. RSI (14):
RSI is currently at 28.90, near the oversold region (<30).
Historically, price has often bounced from this zone in previous cycles (e.g., late 2022 and early 2023).
4. MACD:
MACD is deeply negative and currently flattening, suggesting selling pressure is fading.
A bullish MACD cross could occur in the coming weeks, supporting the long-term reversal scenario.
5. Major Buy Zone (Long-term accumulation):
1.20 - 1.30 USDT: This is the key accumulation zone.
Historically, this has been a strong base where bulls stepped in.
Considering the weekly timeframe, this zone offers high potential with a favorable risk/reward ratio.
6. Major Take-Profit Zones:
TP1: 6.12 USDT (First significant target aligned with Fib 0.236 level).
TP2: 10.62 USDT (0.5 Fibonacci retracement level).
TP3: 13.14 USDT (0.618 Fibonacci zone - strong resistance).
TP4: 16.71 USDT (extended bullish scenario).
TP5: 20.99 USDT (Fibonacci extension target if a full bullish cycle plays out).
7. Summary & Strategy:
The setup suggests a long-term bottoming process at current levels with room for a potential multi-wave bullish structure.
Accumulate between 1.20 - 1.30 USDT.
Consider scaling out at each TP level based on your risk appetite and market conditions.
Stop loss idea: Below 1.00 USDT (to protect against breakdowns).
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.
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.