#REEF

$REEF

Based on Fibonacci levels and REEFUSDT chart (all obvious, but to help those who are starting out).

1. Resistance and Support:

The 0.618 Fibonacci level (~0.006693) was broken strongly to the downside.

The current price (~0.002003) is very close to a possible support level at 0.002005, which is just above the 0.236 retracement (0.003915), suggesting that there may be an attempt at consolidation in this region.

2. Recent Movement:

The large red candle suggests a sharp sell-off, where the market has lost buying power. A sharp sell-off is when a large portion of traders notice the downward movement and everyone leaves the market, with no chance of reacting. That's why the candles are large and fast.

This movement suggests caution, as the Fibonacci retracement indicates that the asset may be trying to find support at the 0.236 level (0.003915), but since it is already below it, the next support region would be at the 0.000 level.

3. Possible Trends:

If the price continues to fall, the next significant support would be in the region close to 0.001841, the low of the last 24 hours.

For the uptrend to resume, the price would need to recover above 0.005907 (Fibonacci level 0.382), which currently seems distant due to strong selling pressure.

The Fibonacci analysis indicates a time for caution for buying entries, as the price has not yet given clear signs of reversal. A positive signal would be the break of the 0.382 level with volume, showing buying strength.

I won on the rise and on the fall.

Some people think it's time to buy and that it will go up.

My personal opinion: I think it will fall further and this is not an indication of investment. Let it be clear that I am not currently in the market.

CAUTION: it could be a liquidation machine.

What do you think?