ZETACHAINUSD 12/11/2024ZETACHAINUSD Daily Chart Analysis
Overview:
ZETACHAINUSD is a relatively new coin on Coinbase, launched at the end of September 2024.
Chart Pattern:
• The price has been trading within an expanding triangle pattern, with well-defined support and resistance levels.
• Currently, the price is sitting at a support level, suggesting a potential reversal.
Technical Indicators:
• MACD: In bullish territory, indicating positive momentum.
• Candlestick Pattern: At the end of today, the formation of a bullish engulfing pattern at support is likely, further confirming a potential reversal.
Trade Opportunity:
If the engulfing pattern completes by today’s close, it presents a good swing trade opportunity to the resistance level. The trade will be entered at the next day’s open.
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Trade Setup:
• Entry Price: 0.7334
• Stop-Loss: 0.5865 (-20.03%)
• Target Price: 0.9913 (+35.16%)
• Risk-Reward Ratio: 1.76:1
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Summary:
ZETACHAINUSD is showing signs of reversal from support within an expanding triangle pattern. Confirmation of the bullish engulfing pattern at the close strengthens the setup for a potential swing trade to resistance. Monitoring the daily close is crucial to confirm entry.
