Uptrend Channel: The price is trading within an ascending channel, denoted by two parallel black trendlines. This suggests a bullish trend is in play.
Support and Resistance:
A significant support zone is identified between approximately 112,000 and 114,000 USDT.
A weak supply zone is marked around 118,000 USDT. The price has recently tested this area and found some support.
A strong resistance level is visible at approximately 124,564.86 USDT.
Indicators:
Ichimoku Cloud (9, 26, 52, 26): The price is currently trading above the cloud, indicating a bullish sentiment. The cloud itself appears to be thin and slightly bullish, suggesting potential for continued upward movement.
RSI Strategy (14, 30, 70): The Relative Strength Index (RSI) is used as a strategy, with a "RSILE" signal (likely "RSI Low Entry") marked with a "+2" and a red arrow, suggesting a potential buy signal near the support zone in early August. A "-2" signal is marked near the top of the channel, indicating a potential overbought condition or reversal signal.
Price Action and Projections:
The price recently experienced a sharp decline from the upper trendline, indicating profit-taking or resistance at that level.
The price is currently near the lower trendline and the "weak supply zone," which appears to be acting as support.
A potential future price path is drawn with a blue arrow, suggesting that the price may consolidate or bounce off the current support area and move higher towards the upper boundary of the channel.
Another potential path is drawn with a red arrow, showing a possible further drop towards the lower trendline before a bounce.
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