1. Indicators Present:
Ichimoku Cloud: Currently, the price is below the cloud, which generally indicates bearish conditions, but the cloud ahead seems thin, suggesting a potential breakout.
RSI (Relative Strength Index): The RSI is around 45.81, signaling neutral momentum but with a bullish divergence forming (higher lows in RSI while price was making lower lows).
MACD (Moving Average Convergence Divergence): The MACD histogram shows weakening bearish momentum with a potential crossover signal brewing.
2. Chart Patterns and Projections:
The orange ABCDE structure represents a potential Elliott Wave triangle pattern, suggesting consolidation before a breakout.
The projected breakout area (E to upwards arrow) suggests a bullish resolution with targets at:
1.255 USD (1.0 Fibonacci extension)
1.477 USD (1.618 Fibonacci extension)
The long-term projection goes even higher toward the 2.0 USD psychological level.
3. Fib Retracement/Extension:
There is a Fibonacci extension measured with the 1.272 at 1.24 USD and 1.618 at 1.47 USD, aligning with the breakout targets.
4. Volume:
Volume has been tapering off, typical in triangle formations before a breakout.
5. Overall Bias:
The chart suggests a bullish bias in the medium term after the triangle pattern completes.
Confirmation would be a breakout above the Ichimoku cloud and the triangle resistance (blue horizontal line).
Ichimoku Cloud: Currently, the price is below the cloud, which generally indicates bearish conditions, but the cloud ahead seems thin, suggesting a potential breakout.
RSI (Relative Strength Index): The RSI is around 45.81, signaling neutral momentum but with a bullish divergence forming (higher lows in RSI while price was making lower lows).
MACD (Moving Average Convergence Divergence): The MACD histogram shows weakening bearish momentum with a potential crossover signal brewing.
2. Chart Patterns and Projections:
The orange ABCDE structure represents a potential Elliott Wave triangle pattern, suggesting consolidation before a breakout.
The projected breakout area (E to upwards arrow) suggests a bullish resolution with targets at:
1.255 USD (1.0 Fibonacci extension)
1.477 USD (1.618 Fibonacci extension)
The long-term projection goes even higher toward the 2.0 USD psychological level.
3. Fib Retracement/Extension:
There is a Fibonacci extension measured with the 1.272 at 1.24 USD and 1.618 at 1.47 USD, aligning with the breakout targets.
4. Volume:
Volume has been tapering off, typical in triangle formations before a breakout.
5. Overall Bias:
The chart suggests a bullish bias in the medium term after the triangle pattern completes.
Confirmation would be a breakout above the Ichimoku cloud and the triangle resistance (blue horizontal line).
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.