Current Price: $0.4567
Chart Basis: 2H (Binance Perpetual)
Pattern Identified: Falling wedge near support
Bias: Bullish reversal
๐ Trade Setup Summary:
Entry Zone: Current breakout zone ($0.4500โ$0.4570)
Stop Loss: Below support at $0.4050
Take Profit Target: $0.6060
Reward Potential: +34.5%
Risk: ~10%
๐ Technical Breakdown:
โ Clear falling wedge structure breaking upward
โ Price bounced off a strong support zone around $0.405
โ Increasing volume and buyer presence seen on VPVR near breakout
โ Aggressive buyers front-running breakout as wedge compresses
๐ Risk/Reward Tip:
๐ SL just below wedge support gives a tight invalidation zone
๐ TP aligns with the next visible volume gap fill area on the right
R:R Ratio: ~3.4x ๐ฅ (High-quality risk/reward)
๐ข Why Long?
INIT just broke out from a well-defined falling wedge at a high-volume support zone. This is a textbook bullish reversal pattern. Volume profile supports a push toward $0.60 as liquidity thins above. Ideal for a short- to mid-term momentum move.
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