AccessLong
ACSUSD 12/6/2024
Updated
ACSUSD Daily Chart Analysis
Overview:
After topping out between March and April 2024, ACSUSD experienced a steep downtrend, respecting the 50-day and 200-day EMAs until late October 2024. However, a reversal began in early November with strong signals pointing to bullish momentum.
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Key Observations:
1. Reversal Pattern:
o On November 4th and 5th, a Tweezer Bottom pattern formed, signaling a potential trend reversal.
o Confirmation came the following day, supported by a significant volume spike.
2. Breakout and Pullback:
o November 10th saw a massive +60% move, breaking through the 50-day EMA and briefly surpassing the 90-day EMA.
o Price has since retraced below the 90-day EMA but holds firm at the 50-day EMA, establishing it as support.
3. Bullish Structure:
o A trendline has emerged, guiding price upwards alongside support from the 10-day EMA.
o Volume remains elevated, and the MACD continues to trend higher in bullish territory, further validating upward momentum.
4. Current Setup:
o Price is sitting at a confluence of supports (trendline and 10-day EMA), presenting a strong risk-reward entry point.
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Trade Plan:
• Entry: 0.0021550
• Stop Loss: 0.0017915 (-16.87%)
• Target #1: 0.0032318 (+49.98%, 2.96 RR ratio)
• Target #2: 0.0044041 (+104.99%, 6.32 RR ratio)
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This setup aligns with a continuation of bullish momentum, supported by technical indicators and favorable market conditions.
Overview:
After topping out between March and April 2024, ACSUSD experienced a steep downtrend, respecting the 50-day and 200-day EMAs until late October 2024. However, a reversal began in early November with strong signals pointing to bullish momentum.
________________________________________
Key Observations:
1. Reversal Pattern:
o On November 4th and 5th, a Tweezer Bottom pattern formed, signaling a potential trend reversal.
o Confirmation came the following day, supported by a significant volume spike.
2. Breakout and Pullback:
o November 10th saw a massive +60% move, breaking through the 50-day EMA and briefly surpassing the 90-day EMA.
o Price has since retraced below the 90-day EMA but holds firm at the 50-day EMA, establishing it as support.
3. Bullish Structure:
o A trendline has emerged, guiding price upwards alongside support from the 10-day EMA.
o Volume remains elevated, and the MACD continues to trend higher in bullish territory, further validating upward momentum.
4. Current Setup:
o Price is sitting at a confluence of supports (trendline and 10-day EMA), presenting a strong risk-reward entry point.
________________________________________
Trade Plan:
• Entry: 0.0021550
• Stop Loss: 0.0017915 (-16.87%)
• Target #1: 0.0032318 (+49.98%, 2.96 RR ratio)
• Target #2: 0.0044041 (+104.99%, 6.32 RR ratio)
________________________________________
This setup aligns with a continuation of bullish momentum, supported by technical indicators and favorable market conditions.
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