Head and Shoulders, Knees and Toes… and $7.6000?
WIFUSD is demonstrating strong bullish momentum as it continues to trade above the EMA Ribbon, which remains in an upward trajectory. This alignment signals ongoing market strength. The recent breakout above the neckline of a Head and Shoulders pattern at the $3.0000 level was pivotal, confirming a bullish reversal.
The price structure shows a consistent formation of higher lows, indicating sustained buying pressure. Currently, the price is testing the key resistance at $4.8000. There are two scenarios to consider here: a rejection and retracement back to the $3.0000 support zone for accumulation, or a clean breakout above $4.8000, which would likely open the path towards higher targets.
If we project the distance from the neckline of the Head and Shoulders pattern, a potential bullish target emerges at the $7.6000 level. Notably, the Signal Builder previously signaled a bearish move that was invalidated, followed by a strong bullish signal aligning with the current momentum.
👨🏻💻💭 What’s your take on WIFUSD? Let’s discuss the next big moves!
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