Analysis of currency $F #f on the 1-hour timeframe
SMC School:
- The price was in a clear downward trend with liquidity being exhausted at the lows, then a strong break of the structure occurred with a massive bullish candle (taking the sellers' liquidity) and a rapid rise.
- The area between 0.0058 and 0.0063 is considered a major demand zone where the upward movement started.
- There is clear accumulation above 0.0072 indicating buyer interest but with partial distribution from market makers.
Elliott Analysis:
- There are five completed downward waves, followed by a sharp upward retracement which can be considered wave (A).
- Currently, a sideways or slight correction (B) is showing, with the possibility of completing an upward wave (C) above the peak of 0.00794.
Classical Analysis:
- We have formed a double bottom pattern with a breakout of resistance, the first price target above 0.0077.
- The recent movement resembles a breakout with a retest of the broken resistance (0.0071-0.0072).
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Potential Future Trade:
Direction: Bullish
Entry: 0.00720 (after retest)
First Target: 0.00785
Second Target: 0.00810
Stop Loss: 0.00690
Capital management is essential, do not enter recklessly.
