chart analysis @lunyoner
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Chart Summary:
The chart belongs to the FET/USDT pair in the weekly time frame. The price is clearly moving within a descending parallel channel formation. After a strong reaction from the channel's lower band, the short-term downtrend has been broken, and a target area of 110% has been defined. This formation usually has the potential of a 'channel reversal and continuation formation.'
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Formation and Target:
• Formation type: Descending channel + trend break.
• Target area:
• Starting point: 0.30 – 0.40 band
• Post-break target: 0.95 – 1.00 (first target)
• Potential maximum target: 1.30 – 1.50 (upper channel band)
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Support – Resistance Levels:
• Main supports:
• 0.52 – trend break area.
• 0.42 – lower channel area.
• Critical resistances:
• 0.78 – short-term interim resistance.
• 0.95 – psychological threshold.
• 1.32 – upper channel band and target area.
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Indicators:
• Volume: There is a significant increase in volume with the break, indicating that this rise is healthy. As long as the volume does not decrease, bullish strength continues.
• RSI: Exiting the oversold area and returning above 50 confirms the momentum reversal.
• MAs: EMAs may not have crossed yet, but if the price has risen above them, the signal is positive.
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Trend Direction:
• The medium-term downtrend has been broken.
• The probability of moving to the middle-upper bands within the channel has increased.
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4h – 1d – 1w Volume Commentary:
• 4H: A strong exit has come from the horizontal consolidation area.
• 1D: Strongly volumized green candles confirm that bulls have taken control.
• 1W: It seems that a buying trend has started among investors.
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Road Map:
1. 0.68 – 0.70: The area where real-time pricing and break occurred.
2. 0.85 – 0.95: First take profit level.
3. 1.00 – 1.10: Major resistance and Fibo level 1.
4. 1.30 – 1.50: Upper channel band, maximum expansion area
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Strategy – What to Do?
• Buying Areas:
• If it provides a pullback opportunity at 0.60 – 0.68, it can be collected.
• Momentum continues after the 0.78 break.
• Stop-Loss:
• If it is below 0.52 with the daily close, the formation may be invalidated.
• Take Profit:
• %30 → 0.95
• %30 → 1.10
• %40 → in the area of 1.32 – 1.50.
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Commentary and Summary:
The FET chart is technically showcasing a textbook channel break. RSI is positive, volume is confirmed, and momentum is upwards. If the fundamental supports are maintained from this point onwards, FET has taken on a structure with a potential gain of over 100%. A gradual take profit strategy with patience will be the healthiest approach.
Stay tuned. The end of this structure could be a new high peak.
