We are seeing a price rebound from strong support around the ~0.1900 level, which may signal the end of the correction. A potential double bottom formation is forming, which often indicates a trend reversal to the upside.
Additional arguments:
The WT_LB oscillator shows an oversold zone and initial upward curvature of signal lines โ a typical buy signal.
After a strong downtrend, a consolidation phase has occurred, likely acting as an accumulation zone before a potential move upward.
The risk-to-reward ratio (R/R) is very favorable (around 1:5), supporting a long entry at the current market structure.
๐Technical signals and a strong R/R ratio support a bullish scenario, with a target around 0.252 and a stop-loss set near 0.185.