FOXUSD 12/6/2024
FOXUSD Daily Chart Analysis
• Between December 2021 and June 2023, FOXUSD experienced a massive downtrend, consistently trading below the 90-day EMA.
• In mid-June 2023, the price began to stabilize, moving sideways along with the 90-day EMA, signaling a potential accumulation phase.
• At the end of November 2023, the price broke above resistance, resulting in a +100% move to the upside. Following this breakout, a pullback occurred, retesting the prior resistance level.
• In January 2024, the price successfully turned this resistance into support, leading to a +370% surge.
• After this rally, the price pulled back between March and October 2024, retesting the same support level. From here, it bounced again by approximately 150%.
• Throughout November 2024, the price consolidated into a bull flag pattern. In the first week of December 2024, the price broke out from this flag, supported by bullish MACD momentum.
Trade Setup (Long):
• Entry: 0.0730
• Stop Loss: 0.0619 (-15.21%)
• Target #1: 0.1461 (+100.14%, 6.59 RR ratio)
• Target #2: 0.4060 (+456.16%, 30 RR ratio)
This setup aligns with strong technical patterns and volume/momentum confirmation. The bull flag breakout, combined with bullish MACD, suggests significant upside potential.
• Between December 2021 and June 2023, FOXUSD experienced a massive downtrend, consistently trading below the 90-day EMA.
• In mid-June 2023, the price began to stabilize, moving sideways along with the 90-day EMA, signaling a potential accumulation phase.
• At the end of November 2023, the price broke above resistance, resulting in a +100% move to the upside. Following this breakout, a pullback occurred, retesting the prior resistance level.
• In January 2024, the price successfully turned this resistance into support, leading to a +370% surge.
• After this rally, the price pulled back between March and October 2024, retesting the same support level. From here, it bounced again by approximately 150%.
• Throughout November 2024, the price consolidated into a bull flag pattern. In the first week of December 2024, the price broke out from this flag, supported by bullish MACD momentum.
Trade Setup (Long):
• Entry: 0.0730
• Stop Loss: 0.0619 (-15.21%)
• Target #1: 0.1461 (+100.14%, 6.59 RR ratio)
• Target #2: 0.4060 (+456.16%, 30 RR ratio)
This setup aligns with strong technical patterns and volume/momentum confirmation. The bull flag breakout, combined with bullish MACD, suggests significant upside potential.
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