$ANKR squeezing hard, rejecting support, ready to tear!
Updated
As usual i keep my TA fairly simple and to the point to make it easy to understand and easy to follow for anyone thinking about utilizing this information to help catch a great entry!
NOW, for the meat and potatoes (:
ANKR has been sitting in this large range for quite some time, and it is FINALLY getting squeezed out at the bottom edge of the trend. Even better, the support at this bottom level has been holding with integrity despite other coins breaking down recently. ANKR did not. it held support regardless of the PA occurring in the rest of the market.
This leads me to believe ANKR is building up a lot of momentum to burst out of this trend UPWARDS for a long position entry.
Personally ill be aiming to set 2 TP's upon break out. each fib level up will be a TP marker. As a safety measure, i set my TP right below these key levels.
ill also mention that there are TWO ways i may set an entry for such a break out.
1. i will wait for the break out, allow it to pullback and retest the previous trend line as support, and enter at this point.
2. i will anticipate a break out to occur, and set a stop limit order above the trend line so that it will fill as ANKR breaks through, allowing me to get a late entry and still catch a majority of the break!
hope this helps, and lets hope this breaks out soon!!!
NOW, for the meat and potatoes (:
ANKR has been sitting in this large range for quite some time, and it is FINALLY getting squeezed out at the bottom edge of the trend. Even better, the support at this bottom level has been holding with integrity despite other coins breaking down recently. ANKR did not. it held support regardless of the PA occurring in the rest of the market.
This leads me to believe ANKR is building up a lot of momentum to burst out of this trend UPWARDS for a long position entry.
Personally ill be aiming to set 2 TP's upon break out. each fib level up will be a TP marker. As a safety measure, i set my TP right below these key levels.
ill also mention that there are TWO ways i may set an entry for such a break out.
1. i will wait for the break out, allow it to pullback and retest the previous trend line as support, and enter at this point.
2. i will anticipate a break out to occur, and set a stop limit order above the trend line so that it will fill as ANKR breaks through, allowing me to get a late entry and still catch a majority of the break!
hope this helps, and lets hope this breaks out soon!!!
Note
welp, due to market conditions as a whole, the ANKR breakout has become a failure.it DID break out for small scalp opportunity, but nothing to write home about.
it then very quickly broke the support level it had been holding and is now retesting this support as resistance.
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