CRESBLD - Analysis on potential of price movementThe price is trading around the Kumo, with recent candles moving just above the cloud. A bullish sentiment is present, but the price needs a confirmed breakout from the Kumo.
The Tenkan-Sen is above the Kijun-Sen, signaling short-term bullish momentum.
The Chikou Span is slightly below the price, indicating that while momentum is picking up, the breakout confirmation needs to be strong for sustained upward movement.
0.715 (0.886 Fibonacci level): This is a key resistance level before hitting the Y wave target (E) at 0.725.
0.725 (1.0 Fibonacci extension): The major resistance level and target for the current Y wave formation.
0.685 (NT level): This level is critical as immediate support. If the price holds above this, the uptrend may continue.
0.675 (V level): Another support level which could act as a reversal point if the price pulls back.
Enter on the breakout above the Kumo cloud at around 0.685, with confirmation of bullish momentum.
Place a stop-loss below the Kumo at 0.650, which is also below the previous consolidation support zone.
This setup presents a bullish scenario if the price can hold above the NT projection level (0.685) and break through the resistance near 0.715. Watching for Ichimoku confirmation with a clear Kumo breakout is key to entering the trade confidently.
