CFX/USDT Accumulation Zone: Potential for Bullish Reversal

Technical Analysis of CFX/USDT

The chart provides an interesting setup, with the past inverse head and shoulders pattern indicating a potential shift in market sentiment. Although this pattern already broke in the past, it serves as a reference for a possible change in the overall market direction.

Currently, the price has found support at the 1200 level, which presents a strong accumulation point for long positions. This level has held multiple times, suggesting that buyers are stepping in to defend it as a significant demand zone. As long as the price remains above 1200, the outlook leans bullish with potential for upward movement.

Key Levels to Watch:

• Accumulation Zone: 1200 – a solid area for entry into long positions, as it has proven to be a reliable support level.
  
• Target Resistance: 2350 – if momentum builds, this is the next significant level to aim for.
  

The moving average ribbons hovering near the price indicate that the trend is transitioning. A decisive push above these ribbons could solidify the bullish reversal.

👨🏻‍💻💭 What’s your take on this accumulation zone at 1200? Let’s discuss strategies and give this idea a boost if you’re watching for a breakout!
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