S/USD to the Moon1. Indicators Present:
Ichimoku Cloud: Currently, the price is below the cloud, which generally indicates bearish conditions, but the cloud ahead seems thin, suggesting a potential breakout.
RSI (Relative Strength Index): The RSI is around 45.81, signaling neutral momentum but with a bullish divergence forming (higher lows in RSI while price was making lower lows).
MACD (Moving Average Convergence Divergence): The MACD histogram shows weakening bearish momentum with a potential crossover signal brewing.
2. Chart Patterns and Projections:
The orange ABCDE structure represents a potential Elliott Wave triangle pattern, suggesting consolidation before a breakout.
The projected breakout area (E to upwards arrow) suggests a bullish resolution with targets at:
1.255 USD (1.0 Fibonacci extension)
1.477 USD (1.618 Fibonacci extension)
The long-term projection goes even higher toward the 2.0 USD psychological level.
3. Fib Retracement/Extension:
There is a Fibonacci extension measured with the 1.272 at 1.24 USD and 1.618 at 1.47 USD, aligning with the breakout targets.
4. Volume:
Volume has been tapering off, typical in triangle formations before a breakout.
5. Overall Bias:
The chart suggests a bullish bias in the medium term after the triangle pattern completes.
Confirmation would be a breakout above the Ichimoku cloud and the triangle resistance (blue horizontal line).
