CFXUSD Double bottomed and is looking for +45% rally.

Conflux (CFXUSD) made a low two days ago on the 0.1725 Support and along with the June 15 Low, makes so far a Double Bottom formation. It is no surprise then to see the price on a strong 1D candle today, headed towards the 1D MA200 (orange trend-line) and the 1D MA50 (blue trend-line).

The pattern since the March 19 High is a Channel Down, so if the Double Bottom breaks, we will sell and target a new Lower Low at 0.1000.

Until it does though, the Double Bottom is a formation capable of breaking above the Channel Down, so we will take a long on the current price and target the 0.382 Fibonacci retracement level from the top (0.29000) which is the bottom of the High Volatility Zone (and now Resistance Zone) of the 0.5 - 0.382 Fib range. That move represents a +45% rise from the current value.

Beyond that, we will buy only if the price breaks above the 0.618 Fib and target the March 19 High at 0.488000.

Notice the 1D RSI, which is completing an Inverse Head and Shoulders pattern, a typical bullish reversal formation.

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