Fatcoin Daily Analysis – Key Support and Potential Bullish Expan
Fatcoin is currently testing a key technical zone on the daily timeframe, with a wick into the 0.618 Fibonacci retracement level, which aligns with both the VWAP and the value area high. A rejection at this level could lead to a retest of lower support, particularly around the bullish order block, which also confluences with the VWAP and another 0.618 Fibonacci pull.
If price action establishes a base at this support level, it increases the probability of a bullish expansion, potentially leading to a wave 2 correction that sets the stage for a wave 3 breakout. However, confirmation is still needed before considering a long trade.
Key Takeaways:
• Fatcoin has wicked into a major confluence zone with VWAP, 0.618 Fib, and value area high.
• A bullish base formation at lower support could trigger a wave 3 expansion.
• Invalidation of the setup occurs if price takes out the key low, continuing the downtrend.
For now, traders should monitor price structure and volume reactions at key support. If a strong base forms, it may present a high-probability long opportunity, but risk management remains essential.
If price action establishes a base at this support level, it increases the probability of a bullish expansion, potentially leading to a wave 2 correction that sets the stage for a wave 3 breakout. However, confirmation is still needed before considering a long trade.
Key Takeaways:
• Fatcoin has wicked into a major confluence zone with VWAP, 0.618 Fib, and value area high.
• A bullish base formation at lower support could trigger a wave 3 expansion.
• Invalidation of the setup occurs if price takes out the key low, continuing the downtrend.
For now, traders should monitor price structure and volume reactions at key support. If a strong base forms, it may present a high-probability long opportunity, but risk management remains essential.
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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.
Join our free telegram for market updates: t.me/chartdoctorsanconsultants
Trade here with the best exchange: blofin.com/invite/alchemisttrader
Trade here with the best exchange: blofin.com/invite/alchemisttrader
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.