📈 Price Action Overview:
Asset: USDT Pair (Exact asset not specified, assuming it's a crypto token)
Current Price: ~$2.99
Previous High: ~$4.08
Swing Low: ~$2.36
🔍 Chart Patterns & Structure:
Rising Wedge (Bearish Breakdown)
Formed after the impulsive rally from $2.36 to $4.08.
Price broke down from the wedge, confirming bearish sentiment and starting a corrective phase.
Descending Triangle / Falling Wedge (Potential Reversal)
Price consolidating around the $2.8 - $3.0 region.
A slight bullish divergence seen (explained in RSI section).
🔢 Fibonacci Retracement Levels:
Drawn from swing low ($2.36) to swing high ($4.08):
0.236: $3.58
0.382: $3.31
0.5: $3.10
0.786: $2.65
1.0: $2.36 (full retracement)
Currently trading between 0.786 and 0.5 Fib zones, in a key support area.
🟣 Support & Resistance Zones:
Major Resistance:
$4.08 (swing high)
$3.58 - $3.60 (Fib 0.236)
Current Resistance:
$3.10 (Fib 0.5)
$3.31 (Fib 0.382)
Support Zone (highlighted purple):
$2.80 (horizontal support)
$2.65 (Fib 0.786)
$2.36 (previous low)
📊 RSI (Relative Strength Index):
Current RSI: 49.16 (Neutral zone)
Key Observation:
Bullish Divergence: RSI made higher lows while price made lower lows around April 7–12.
Trendline Support on RSI: An ascending trendline suggests building bullish momentum.
May hint at a short-term reversal or bounce.
🔮 Potential Scenarios:
Bullish Case:
Bounce from $2.8-$2.9 support area.
Break above $3.10 = likely push to $3.31 or higher.
RSI breaking above 50 would confirm bullish momentum.
Bearish Case:
Failure to hold above $2.80 support.
Breakdown toward $2.65 or even $2.36 (swing low).
RSI dipping below the rising trendline = loss of bullish strength.
✅ Conclusion:
Currently in a critical demand zone.
Early signs of a bullish reversal forming (thanks to RSI divergence).
If buyers hold $2.80 and push past $3.10, a short-term uptrend is likely.
Watch volume + RSI for confirmation.
Asset: USDT Pair (Exact asset not specified, assuming it's a crypto token)
Current Price: ~$2.99
Previous High: ~$4.08
Swing Low: ~$2.36
🔍 Chart Patterns & Structure:
Rising Wedge (Bearish Breakdown)
Formed after the impulsive rally from $2.36 to $4.08.
Price broke down from the wedge, confirming bearish sentiment and starting a corrective phase.
Descending Triangle / Falling Wedge (Potential Reversal)
Price consolidating around the $2.8 - $3.0 region.
A slight bullish divergence seen (explained in RSI section).
🔢 Fibonacci Retracement Levels:
Drawn from swing low ($2.36) to swing high ($4.08):
0.236: $3.58
0.382: $3.31
0.5: $3.10
0.786: $2.65
1.0: $2.36 (full retracement)
Currently trading between 0.786 and 0.5 Fib zones, in a key support area.
🟣 Support & Resistance Zones:
Major Resistance:
$4.08 (swing high)
$3.58 - $3.60 (Fib 0.236)
Current Resistance:
$3.10 (Fib 0.5)
$3.31 (Fib 0.382)
Support Zone (highlighted purple):
$2.80 (horizontal support)
$2.65 (Fib 0.786)
$2.36 (previous low)
📊 RSI (Relative Strength Index):
Current RSI: 49.16 (Neutral zone)
Key Observation:
Bullish Divergence: RSI made higher lows while price made lower lows around April 7–12.
Trendline Support on RSI: An ascending trendline suggests building bullish momentum.
May hint at a short-term reversal or bounce.
🔮 Potential Scenarios:
Bullish Case:
Bounce from $2.8-$2.9 support area.
Break above $3.10 = likely push to $3.31 or higher.
RSI breaking above 50 would confirm bullish momentum.
Bearish Case:
Failure to hold above $2.80 support.
Breakdown toward $2.65 or even $2.36 (swing low).
RSI dipping below the rising trendline = loss of bullish strength.
✅ Conclusion:
Currently in a critical demand zone.
Early signs of a bullish reversal forming (thanks to RSI divergence).
If buyers hold $2.80 and push past $3.10, a short-term uptrend is likely.
Watch volume + RSI for confirmation.
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.
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.