Analysis of BANK/USDT on the 1-hour timeframe:
SMC:
The pair has witnessed a decline and accumulation for a long time with a clear dominance of lower liquidity, followed by a strong breakout of liquidity with a sharp rise that surpassed previous highs, indicating a structural transition from bearish to bullish and a sign of interest from smart money in buying in lower demand areas.
Elliott:
A strong impulsive wave (wave 3) was formed after a period of correction and accumulation, with the possibility that we are now at the beginning of the correction (wave 4) after an explosive move. If the reading is correct, there is a chance to form a higher low before completing the rise with a fifth wave.
Classical Analysis:
An important resistance has been broken and turned into support, with the appearance of bullish engulfing candles and an increase in trading volumes near the peak. The overall model indicates either a minor correction or a continuation of the bullish momentum towards new targets.
Proposed Trade:
Direction: Bullish
Entry: 0.0440 (waiting for a minor correction after the sharp move)
Stop: 0.0415
Target: 0.0470
Note: If the price drops below 0.0415, the buying scenario is canceled.
Alert: Monitor the current correction movement, and only enter with strict capital management as the recent movement was swift and there is a possibility of volatility.
