HEXUSD The downtrend is intact. Lower prices to be expected.HEXUSD has been trading within a long-term Channel Down since September 2021 and the current weekly rise doesn't seem to be able to alter that. It will be the first green 1W candle after 6 red in a row.
The pattern so far gives roughly -97% Bearish Legs to the 1.786 Fibonacci extension and then Bullish Legs towards the top of the Channel Down. As a result, we expect prices to at least 0.000800 (Fib 1.786) before we can consider again a medium-term rebound in the form of a Channel Up (dotted).
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Hexusdsignals
HEXUSD Bottom is in! Excellent x10 profit opportunity.HEXUSD has had the strongest 1W green candle last week since the week of October 16 2023. It closed a week above the 0.236 Fibonacci level for the first time since July 10 but the biggest bullish development is that the 1W MACD histogram broke above its Descending Lower Highs trend-line, which is a major divergence from the early 2023, indicating that the market bottom has most likely been priced last October.
As a result, we are now looking at HEX's upside again with the first natural Resistance level being the 0.382 Fib, which is where the 1W MA50 (blue trend-line) is headed to. That is our short-term Target. On the long-term we are aiming at the 0.133750 Resistance which from the current level it is more than x10 returns. However we are willing to commit to that only if the 1W MA100 breaks (and closes a candle above), which is where the massive March 20 2023 rejection started or after a pull-back to the 0.236 Fib again.
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HEXUSD Buy signal within the Channel Down.HEXUSD completed 2 straight 1D green candles after reaching the bottom of the Channel Down pattern. The 1D RSI completed a Lower Lows pattern similar to the June 14 bottom sequence that was the last major buy signal for HEX. As a result, we turn bullish on this crypto, targeting the top (Lower Highs trend-line) of the Channel Down at 0.0056. If however the 1D RSI reaches the Resistance zone earlier, we will take profit at the given price.
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HEXUSD Buy signal targeting 0.0300HEXUSD hit the bottom of its 1 year Channel Down with the 1D RSI oversold below 30.00. This has been a strong buy signal on all three previous occasions inside this pattern. With the 1D MA200 (orange trend-line) as the medium-term Resistance, we will target (slightly below) the 0.5 Fibonacci retracement level (at least) at 0.0300, similar to what took place on August 14 2022.
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HEXUSD Perfect buy opportunity.HEXUSD has almost reached its 1D MA200 (orange trend-line), which is untouched since February 05. Following our buy call almost 3 months ago, which gave +125% profit (see idea below), we are now looking for a new buy as it has starting fulfilling certain conditions:
Reaching the 1D MA200 is one of those conditions. Second is having the 1D RSI almost oversold just above the 30.00 barrier. But perhaps the strongest buy signal of all is given by the fact that it is near the 1.618 Fibonacci retracement level. It was on August 14 2022 that a 1.618 Fib contact started a long-term decline towards the 4.0 Fib extension. Given that we see the rise since the December 29 2022 bottom as an inverse sequence of that fractal, we expect HEX to start rising again. Our first Target is 0.1000 and second 0.1800.
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HEXUSDT +125% profit target hit. What's next?We are updating our long-term view on HEXUSDT, which gave +125% profit as it hit our 0.1000 target:
As you see, the price reached the top (Lower Highs trend-line) of the Channel Down pattern that started last year. We expect a pull-back towards the 1D MA50 (blue trend-line) and then bullish extension to the 3.5 Fibonacci level, with our target set at 0.14000.
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HEXUSDT going straight to 0.1000 based on this!HEXUSDT is recovering from the extreme volatility of February 04-05, keeping the 1D MA200 (orange trend-line) intact. Despite a largely overbought 1D RSI, the last time we saw such a huge 2 day volatility was during May 27-28 2022. That proved out to be just a pause before a continuation of that bearish leg towards the bottom of the long-term Channel Down.
That bearish leg hit the 3.0 Fibonacci extension with ease. Since we are currently on a bullish leg since the start of the year, a Fib 3.0 continuation will take HEX as high as 0.1000. That is our medium-term target.
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