SFPUSDT → Pre-break consolidation could send the price upward

17 Okt 2023

SFPUSDT after months of forming a sideways range on the background of the global honey trend finally forms a pre-breakdown consolidation against resistance, which may initiate a trend change



We are interested in the global pattern "symmetrical triangle" - in fact, it is a range within which the price is gaining liquidity. Above the range, after the first breakout of resistance, the second level - 0.6420 is formed and relative to this level an ascending triangle is formed, which can be interpreted as an attack of dynamic buyers on the limit resistance area. On the background of possible BTCUSD strengthening, SFP can get a good bullish potential when the resistance of the ascending triangle is broken. The moving averages act as trend support.

Resistance levels: 0.6420
Support levels: previously broken range resistance

In the long term, I expect a breakout of 0.6420 followed by price consolidation above the level, which will form a bullish potential.

Regards R. Linda!