Hey #BinanceSquareFamily, check out this exciting weekly setup on CVX/USDTāConvex Finance could be flirting with a strong reversal! Letās dive in š
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š Market Snapshot
Current Price: Around $2.20ā2.22 USDT, modestly down (~6% in the past week, ~20% monthly decline)
Technical Mood: Weekly and daily indicators lean strong sell, with most moving averages signaling bearish and oscillators oversold
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š Why a Reversal Could Be Brewing
1. Oversold Readings: RSI, Stochastics, CCI, MACDāmany show CVX deeply oversold (MACD bearish crossover, momentum negative)
2. Clustered Level Support: CVX is nearing the weekly pivot zone around $2.40ā2.60, a potential bounce area if bulls step in
3. Volume Decay: Bearish pressure may be losing steam as volume shrinksāthis often precedes reversal setups
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š Key Trading Scenarios
Scenario Trigger SL / TP Zones
Bull Reversal Weekly close above $2.30ā2.40, signs of buying volume/positive MACD Entry ~2.30ā2.40<br>SL just under weekly pivot (approx. 2.20)<br>TP1: 2.65ā2.90, TP2: 3.10ā3.30
Bear Continuation Break below recent lows (~$2.10), momentum remains negative Entry after breakdown<br>SL just above 2.30<br>TP: 1.90 ā next support: ~1.70ā1.80
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š Tools in Your Kit
RSI & Stochastics: Currently oversoldāgreat for spotting reversal bounces.
MACD Crossover: Watch for a bullish crossover on weekly/daily charts.
Volume Analysis: Spike in buy volume near pivot => bullish momentum shift.
Pivot Zones: Weekly support at ~$2.40 and resistance at ~$2.90.
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š Quick Recap
Price zone: $2.20ā2.22, down ~6% w/w
Outlook: Oversold signals + proximity to pivot suggest reversal potential.
Watch: Weekly close above ~$2.30; monitoring volume and MACD turn.
Strategy: Add long if reversal confirmed; otherwise, consider short with discipline.
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š¬ Engage & Share!
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