RXRX Jan 7th 2025
GT + FIB + previous high.
Fibonacci Retracement Bounce:
The price is bouncing near the 0.5 Fibonacci retracement level, which is a common support zone in an uptrend. This suggests buyers are stepping in at this level.
Risk-to-Reward Ratio:
The trade setup shows a favorable risk-to-reward ratio (~4:1), with the potential upside significantly larger than the downside.
Bullish Structure:
The price has been making higher highs and higher lows, indicating a clear uptrend on the 4-hour chart.
Consolidation Near Support:
The price appears to be consolidating near a strong support zone (~$7.40), which could act as a launching point for further upward movement.
Breakout Potential:
If the price clears the resistance near $7.80–$8.00, there’s a potential move toward $9.00 and above (a 22% upside as indicated on the chart).
Fibonacci Retracement Bounce:
The price is bouncing near the 0.5 Fibonacci retracement level, which is a common support zone in an uptrend. This suggests buyers are stepping in at this level.
Risk-to-Reward Ratio:
The trade setup shows a favorable risk-to-reward ratio (~4:1), with the potential upside significantly larger than the downside.
Bullish Structure:
The price has been making higher highs and higher lows, indicating a clear uptrend on the 4-hour chart.
Consolidation Near Support:
The price appears to be consolidating near a strong support zone (~$7.40), which could act as a launching point for further upward movement.
Breakout Potential:
If the price clears the resistance near $7.80–$8.00, there’s a potential move toward $9.00 and above (a 22% upside as indicated on the chart).
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.