Defi zones recovery did not take long. If we want to be optimistic, the current decline is a correction of the previous uptrend and not the other way around! With this assumption, our entry point will be in these areas. On this pair..There are two good points to entry long position.. 1.4 and 1.3
At 1.4 we have static support from the past of Market and fibo 61%. also a positive divergence on 15min frame.
At 1.3 we have static support from the past of Market, fibo78% and 261% of this downside movements.
No significant reversal patterns have been seen yet I think it is not unlikely to reach the second point if you are going to long this, I suggest you plan so that you are not surprised!
If the uptrend starts from the first point, it indicates more power and we can expect growth up to 161%. If the origin of the uptrend is from the second point, 127% is a more reliable price target.
If the situation becomes unfavorable due to BTC behavior and support be broken, there is a strong potential for us to reach to round number 1!
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1st point touched.
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We also got very close to the 2nd goal and we can say that we reached it. The pivot is formed and the ascent seems to have begun.
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An ascending channel created
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Trendline has been broken I want to close my position with small profit since it seems we will test lower levels..