Golden Area Here’s an idea you can publish on TradingView based on the provided chart:
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🚀 **Potential Trend Reversal & Fibonacci Golden Ratio Retest!** 🚀
We're approaching a key turning point in the market! 📉➡️📈
🔹 **Descending Wedge Breakout Incoming?**
The price has been consolidating within a descending wedge pattern, typically a strong bullish reversal signal. A breakout from this structure could indicate the beginning of a new impulsive move.
🔹 **Golden Ratio Confluence (0.618 - 0.705 Fibonacci Levels)**
The price is heading toward the **golden ratio zone (0.618 - 0.705 Fib retracement)**, a historically significant level for reversals. Buyers might step in, leading to a strong bullish push.
🔹 **Elliott Wave Structure in Play**
We're potentially forming the **(1)-(2)-(3)-(4)-(5) wave count**, with wave (2) likely completing near the golden ratio before the next impulsive leg (3) to the upside.
🔹 **Potential Targets 🎯**
If we confirm the breakout, our **first major resistance** lies around the **0.5 Fibonacci level (~36.96)**, followed by the **0.382 Fib (~43.06)**. Beyond that, wave (5) could aim even higher!
🔹 **Bullish Divergence on the MACD & RSI**
Momentum indicators are showing signs of reversal, further supporting the potential bullish scenario.
🚨 **What to Watch For:**
✔️ A clear breakout above resistance for confirmation
✔️ Volume increase to support the move
✔️ Retest of broken trendline as support
🔄 If the golden ratio doesn’t hold, deeper retracements to 0.79 Fib (~22.08) remain possible, but for now, bulls seem to be preparing for action!
What do you think? 🚀 Are we ready for the next leg up? Let me know in the comments! 👇
#Crypto #Trading #ElliottWave #Fibonacci #TrendReversal #PriceAction #TechnicalAnalysis
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Let me know if you'd like any adjustments! 🚀📊its not financial advice
