HookUSDT Descending Correction with Key Levels in Sight

3 set 2023

HookUSDT remains in a corrective phase, seemingly confined within a descending channel. An immediate resistance zone is on the horizon, closely aligning with a significant trend pivot at 1.0928.

Our projection suggests a touch of this zone before embarking on a descent to complete the correction's remaining leg, aiming for the BULL DEMAND ZONE.

We should tread cautiously in this area. If the price persists in its downward movement, we might witness a test of the Potential Extended Bearish Target.

However, it's paramount to observe the price's behavior upon reaching the immediate resistance. A breakthrough to the upside could signify a trend reversal.

Always remember to trade with discretion and ensure thorough analysis. If you found this analysis helpful, please consider leaving a like. Your support is appreciated!

29 nov 2023

Nota

The price encountered major support in breaking down through wave A as shown on the main chart, indicating a potential truncation of the drop.

A favorable entry strategy involves waiting for the price to revisit and re-test the OB around 0.9842 downward. For spot trading, averaging down from the current position is a viable approach.

Implement a stop loss set below 0.86 to manage risk effectively.