๐
$EDGE is showing a potential technical setup!
The asset is currently exhibiting a consolidation pattern on the weekly timeframe after a significant correction, holding steady above the 1.618 Fibonacci extension level.
๐ The Technical Setup:
โข The Pattern: Fibonacci extension level consolidation
โข Short-term Target: 0.7507
โข Macro Objective: 1.0681
โข Market Structure: Consolidation above the 1.618 Fib level
๐ฏ Key Levels to Watch:
โข Support / Accumulation Zone: 0.4332 - 0.5545
โข Resistance: 0.6500
โข Breakout Level: 0.6000
โข Stop Loss / Invalidation: 0.4332
๐ Confirmation:
โข Volume: Neutral/standard volume
โข Momentum: Price holding steady at the 1.618 Fib extension
โข Trend: Sideways movement following a sharp correction
โ ๏ธ Invalidation:
A weekly close below the 0.4332 level would invalidate the bullish consolidation structure.
The asset is currently consolidating around the 1.618 Fibonacci level, suggesting a period of stabilization before the next move.
๐ Creator: NOUMAN_DON (@NOUMAN_DON)
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