PEOPLE/USDT: Strong Bullish Momentum

The chart analysis presents a promising outlook for PEOPLE against USDT, showcasing potential upward movement within an ascending channel structure. Currently, the price is situated positively above several moving averages, closely following an uptrend pattern which indicates continued bullish momentum.

The short-term target is set at the 1.272 Fibonacci extension level, which aligns with the upper boundary of the trend channel. This confluence suggests a strong resistance level that could be tested soon. If hit, this target of approximately 0.10598 represents a significant potential return of around 29%. This alignment of technical indicators supports a positive short-term forecast for PEOPLE/USDT.

Monitoring the price action around this target will be vital to ensure profit-taking aligns with market dynamics.

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Based on Elliott Wave Theory, if we are indeed in wave iv (the corrective wave), it is often a retracement before the final wave v, which would be an upward movement. This could make a long position attractive if several conditions align to confirm this theory. Here’s a more detailed breakdown considering wave iv:

Key Considerations for Wave iv:
1. Elliott Wave Theory:

Wave iv is typically a corrective wave within an uptrend, and it usually retraces a portion of wave iii.

Following this correction, wave v would ideally continue the uptrend, making this a potential good entry point for a long position if wave iv completes soon.

2. Support and EMAs:

The current price near the EMA 50 and the lower trend line of the ascending channel suggests a strong support zone.

If this support holds, it can be an indication that the corrective wave iv is ending, and wave v is about to begin.

3. LBR-ThreeTen Oscillator:

While the oscillator is currently bearish, it is worth watching for any bullish crossover or movement towards the zero line as a confirmation of upward momentum resuming.

4. Volume:

Look for increasing volume on green candles, especially near support zones, to confirm buying interest returning.

Trading Strategy for a Safe Long:

1. Entry Point:

Enter a long position near the lower trend line and EMA 50 if you see signs of support holding (such as a bullish reversal candlestick pattern).

Consider entering incrementally to manage risk better, as the price action confirms support.

2. Confirmation:

Wait for signals such as bullish candlestick formations (e.g., hammer, engulfing), increased buying volume, and positive movement in the oscillator.

Ensure the price does not break below the key support level around $0.075.

3. Stop-loss:

Place a stop-loss slightly below the strong support level (e.g., $0.073) to minimize risk if the support fails.

4. Targets:

Initial targets can be set near recent highs around the previous peak (approximately $0.09 - $0.10).

Further targets could aim towards the upper trend line of the ascending channel, depending on the strength of wave v.

Example Plan

Entry: Buy near $0.077 - $0.080 if confirmation signals present.
Stop-loss: Set at $0.073 to protect against significant downside.

Target 1: $0.09 (previous high).
Target 2: Upper channel line (around $0.10 or more).

Conclusion

While a corrective wave iv does suggest a potential for a subsequent wave v upward movement, it's essential to use prudent risk management and wait for confirmation signals. Entering a long trade at the current price levels near key support, with proper stop-loss and defined targets, could provide a safe and structured way to attempt capitalizing on the next upward wave v.

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Some reaction from EMA 50

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The horizontal support at 0.073 seems quite strong. The price has been ranging there for a while now but hasn't broken down

Trade closed manually

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Taking some gains off the table

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Opening long with a tight stop. The price is at a critical juncture, confirming the start of wave 5 of 5, potentially targeting the 4.236 Fibonacci extension at $0.17913. The price already tested the upper bound of the channel but was rejected the first time. Monitor for continued volume support and oscillator strength, with stops below recent critical supports to manage risk effectively.

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Buckle up! Wave 5 of 5 could potentially be a very violent move up, but watch out – it could come crashing back down just as quickly. Don’t miss out, but trade smart! 🌪️🚀

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I impatiently went in too early, however the price is showing a near-perfect retrace to the previous high, EMA 20, and the 0.618 Fibonacci retracement level, forming a strong base for the next move.

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Let's see how this level holds and if we can push through the upper channel this time.

siimh

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siimh

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