MAGIC/USDT Break out of resistance level. Bullish Momentum ??

2월 3일

💎MAGIC has undeniably garnered significant attention in the market. Currently, it is breaking out of a local resistance level, and there is the potential for a retesting phase, primarily at the support level that was previously a resistance at 1.315.

💎 If the retest proves valid, the price is likely to bounce from this support and continue its upward trajectory. The next significant challenges lie in the bearish OB and supply area. Breaking out of this area would confirm a bullish trend in the mid-term, and the price could probability reach our target zone.

💎 The overall chart pattern appears to be forming a rounding bottom, which is typically considered a bullish pattern. However, if MAGIC fails to bounce when retesting the support, there is a potential for a downward movement, leading to a retest of the bullish trendline.

💎 This level is crucial, and a bounce is required to maintain the bullish stance. Breaking below the bullish trendline would signify a significant trend change, with the next potential support being in the demand area.

💎 The demand area represents the last level of bullish support. A bounce at this level is essential to sustain the bullish momentum. Failure to do so could result in a continuation of the downward movement, eventually reaching the bottom support area.