The chart depicts a Symmetrical Triangle pattern, indicating a phase of consolidation followed by a confirmed breakout to the upside. Currently, the price is undergoing a pullback, presenting a potential opportunity for entry within the retracement zone.
Key Observations
1. The Symmetrical Triangle structure has already been breached, signaling the continuation of bullish momentum.
2. The price is retracing towards the $0.85–$0.84 zone, which aligns with key support and represents an attractive area for accumulation.
3. The projected target post-breakout is approximately $1.00, consistent with historical resistance levels and the triangle's measured move.
Strategic Implications
Focus on the pullback as a buying opportunity near $0.85–$0.84. Ensure the pullback holds within this range to confirm support and validate the bullish setup. Look for signs of reversal, such as bullish candlestick patterns or increased volume, to reinforce confidence in the trade. Set a stop-loss below $0.80 to mitigate downside risk, while aiming for the $1.00 target as the primary profit zone.