CFX Analysis: Potential Breakout After Double Bottom Formatation

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Double Bottom Formation: The price has established a solid support zone around $0.1504, forming the base of a double bottom pattern. This structure indicates buyer strength and the potential for upward movement.

Target Level: The breakout target is set at $0.1564, which aligns with a previous resistance zone. This level represents the next hurdle for the bulls.

Two Scenarios:
Scenario 1: A direct continuation of the bullish momentum towards the $0.1564 level.
Scenario 2: A pullback to retest the neckline ($0.1504-$0.1510 area) before a potential rally to the target.
Stop Loss Placement: A break below $0.1483 would invalidate the bullish setup, making it a suitable stop-loss level for risk management.

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Strategy:
For Long Positions: Enter on a breakout above $0.1539 with a target of $0.1564. Alternatively, wait for a retest of the neckline before entering.
Risk Management: Place a stop-loss below $0.1483 to limit downside risk.