đ $INIT is showing a potential technical setup!
The weekly chart on Binance is displaying a strong recovery rally off the macro lows, currently testing the 0.5 Fibonacci level around 0.11045 with bullish momentum candles.
đ The Technical Setup:
⢠The Pattern: Double Bottom / W-Bottom Reversal Structure
⢠Short-term Target: 0.15290
⢠Macro Objective: N/A based on visible chart
⢠Market Structure: Reversal & Breakout
đŻ Key Levels to Watch:
⢠Support / Accumulation Zone: 0.08169 - 0.08969
⢠Resistance: 0.13152
⢠Breakout Level: 0.10760
⢠Stop Loss / Invalidation: 0.08169
đ Confirmation:
⢠Volume: Neutral/standard volume visible on higher timeframe candles
⢠Momentum: Strong bullish expansion candles pushing above the 0.5 Fibonacci level
⢠Trend: Potential reversal from macro lows forming a higher low base
â ď¸ Invalidation:
A decisive weekly close below the 0.08169 support level would invalidate the bullish reversal thesis.
Price is testing key resistance levels after a sharp recovery bounce, requiring confirmation above current levels for trend continuation.
đ Creator: NOUMAN_DON (@NOUMAN_DON)
#INIT #crypto #BinanceSquare #Binance #bitcoin
The weekly chart on Binance is displaying a strong recovery rally off the macro lows, currently testing the 0.5 Fibonacci level around 0.11045 with bullish momentum candles.
đ The Technical Setup:
⢠The Pattern: Double Bottom / W-Bottom Reversal Structure
⢠Short-term Target: 0.15290
⢠Macro Objective: N/A based on visible chart
⢠Market Structure: Reversal & Breakout
đŻ Key Levels to Watch:
⢠Support / Accumulation Zone: 0.08169 - 0.08969
⢠Resistance: 0.13152
⢠Breakout Level: 0.10760
⢠Stop Loss / Invalidation: 0.08169
đ Confirmation:
⢠Volume: Neutral/standard volume visible on higher timeframe candles
⢠Momentum: Strong bullish expansion candles pushing above the 0.5 Fibonacci level
⢠Trend: Potential reversal from macro lows forming a higher low base
â ď¸ Invalidation:
A decisive weekly close below the 0.08169 support level would invalidate the bullish reversal thesis.
Price is testing key resistance levels after a sharp recovery bounce, requiring confirmation above current levels for trend continuation.
đ Creator: NOUMAN_DON (@NOUMAN_DON)
#INIT #crypto #BinanceSquare #Binance #bitcoin
