Technical Analysis Summary:
📈 Chart Pattern & Structure:
You’re trading within a descending channel, with current price action near the lower boundary of the channel, suggesting a potential bullish reversal.
There is also an ascending trendline providing confluence and support near the recent low.
Price appears to have bounced from around $14.76, forming a possible higher low.
🔧 Fibonacci Retracement Levels:
You have drawn a Fibonacci retracement, and price is hovering between the 0.382 ($15.26) and 0.786 ($15.71) levels.
The 0.382 retracement appears to have acted as a strong support recently.
✅ Trade Setup Details:
Entry: Around $15.45 (current market price)
Stop Loss: Around $14.76 (just below recent swing low)
Targets (TP):
TP1: $16.259
TP2: $16.932
TP3: $17.355
Risk-to-Reward Ratio (approximate): Looks favorable (at least 3:1 or better depending on your TP)
🧠 Trade Logic:
You’re betting on a breakout from the descending channel or at least a move back to the upper resistance of the channel.
Multiple confluences like Fibonacci levels, support trendline, and previous price reactions support the long idea.
📌 Things to Watch:
Volume: Check for increasing buying volume to confirm momentum.
Bitcoin/Market Sentiment: Crypto pairs usually follow BTC; a drop in BTC could invalidate this setup.
Fakeouts: Watch for wicks near resistance; consider partial TPs or trailing SLs.
Would you like help writing a trade plan or managing risk for this setup?