RXRX Jan 7th 2025
GT + FIB + previous high.
Fibonacci Retracement Bounce:
The price is bouncing near the 0.5 Fibonacci retracement level, which is a common support zone in an uptrend. This suggests buyers are stepping in at this level.
Risk-to-Reward Ratio:
The trade setup shows a favorable risk-to-reward ratio (~4:1), with the potential upside significantly larger than the downside.
Bullish Structure:
The price has been making higher highs and higher lows, indicating a clear uptrend on the 4-hour chart.
Consolidation Near Support:
The price appears to be consolidating near a strong support zone (~$7.40), which could act as a launching point for further upward movement.
Breakout Potential:
If the price clears the resistance near $7.80–$8.00, there’s a potential move toward $9.00 and above (a 22% upside as indicated on the chart).
Fibonacci Retracement Bounce:
The price is bouncing near the 0.5 Fibonacci retracement level, which is a common support zone in an uptrend. This suggests buyers are stepping in at this level.
Risk-to-Reward Ratio:
The trade setup shows a favorable risk-to-reward ratio (~4:1), with the potential upside significantly larger than the downside.
Bullish Structure:
The price has been making higher highs and higher lows, indicating a clear uptrend on the 4-hour chart.
Consolidation Near Support:
The price appears to be consolidating near a strong support zone (~$7.40), which could act as a launching point for further upward movement.
Breakout Potential:
If the price clears the resistance near $7.80–$8.00, there’s a potential move toward $9.00 and above (a 22% upside as indicated on the chart).
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