Technical analysis by 3Commas about Symbol CFX: Buy recommendation (10/2/2024)

Technical Analysis:The pair CFX/USDT confirm an Inverse Head and Shoulders pattern, indicating a potential bullish reversal. This pattern suggests that sellers are losing strength, while buyers are stepping in to push the price higher. The setup is further supported by the Smooth Oscillator showing increasing bullish momentum, which aligns with the price structure.The price is currently holding above the key support at $0.1410, making this level crucial for maintaining the bullish scenario. A strong bounce from this area would reinforce the bullish outlook and set the stage for a move higher.Additionally, the Ribbon and Trend indicators are showing a bullish alignment across multiple timeframes. This is a significant factor, as it previously led to a strong uptrend. If these indicators continue to hold, we could see a repeat of similar bullish momentum, propelling the price higher.If the bullish pattern continues to play out, the primary target is set at $0.2350, which aligns with previous resistance levels and the height of the pattern. A breakout above this level could signal a broader trend reversal and invite further buying interest.On the flip side, if the $0.1410 support fails, the price could potentially drop towards $0.1200 for a stronger base-building before another bullish attempt.The Smooth Oscillator currently confirms a bullish momentum shift, which could signal that the price is preparing for a push higher. However, it's essential to monitor the price action closely for confirmations before entering any trade.Conclusion: CFX/USDT is setting up for a potential bullish breakout. The $0.1410 support is the key level to watch for a continuation. If the price breaks and holds above $0.2350, it could trigger a more substantial rally. The alignment of the Ribbon and Trend indicators further supports this bullish case, as they have been key drivers of previous strong uptrends.👨🏻‍💻💭 What’s your take on this setup? 🚀 Let’s discuss your strategy below!_________________________________________________________________ The information and publications within the 3Commas TradingView account are not meant to be and do not constitute financial, investment, trading, or other types of advice or recommendations supplied or endorsed by 3Commas and any of the parties acting on behalf of 3Commas, including its employees, contractors, ambassadors, etc.