Description:
Cumulative Delta Divergence: Two significant divergences spotted, indicating potential bullish momentum ahead.
Trendline Dynamics: The previous trendline has been broken and successfully retested, confirming a bullish breakout.
Resistance Zones: Identify and monitor three green zones for potential resistance that could influence price action.
Supply Zone Retest: The price may retest the marked red supply zone, crucial for assessing the strength of the bullish trend.
EMA Support: Currently above all critical EMAs (20, 50, 100, 200), suggesting a strong bullish sentiment and upward trajectory.
WaveTrend Indicator: Signals a new bullish wave, offering a timely entry point for traders aiming to capitalize on the uptrend.
Cumulative Delta Divergence: Two significant divergences spotted, indicating potential bullish momentum ahead.
Trendline Dynamics: The previous trendline has been broken and successfully retested, confirming a bullish breakout.
Resistance Zones: Identify and monitor three green zones for potential resistance that could influence price action.
Supply Zone Retest: The price may retest the marked red supply zone, crucial for assessing the strength of the bullish trend.
EMA Support: Currently above all critical EMAs (20, 50, 100, 200), suggesting a strong bullish sentiment and upward trajectory.
WaveTrend Indicator: Signals a new bullish wave, offering a timely entry point for traders aiming to capitalize on the uptrend.
Note
Following recent market activity characterized by two candles with significant wicks, indicating price rejection at higher levels, my initial position was closed by a tight stop loss. Anticipating a pullback, I'm now considering a strategic re-entry near or within a specifically identified red box, suggesting potential support.Key Considerations for Re-Entry:
Red Box Support Range: Focus on the support level within the red box, which could offer a strong buy opportunity if price action indicates a reversal or stabilization.
WaveTrend Indicator Analysis: Look for oversold signals as the price approaches the red box, signifying a possible entry point.
Volume and Price Action Observation: Pay attention to volume trends. A decrease in volume as the price nears the red box may imply selling pressure is diminishing, creating a favorable condition for re-entry.
EMA Dynamics: Monitor for any interactions with the 20 or 50-period EMAs. A bounce off these EMAs can serve as a dynamic support, reinforcing the decision to re-enter.
Adjusted Stop Loss Strategy: Set a slightly more forgiving stop loss this time to account for market volatility, ensuring not to exit too early while still managing risk effectively.
Note
Considering the current bearish trend in BTC, it's prudent to observe its impact on Badger coin's price, given their potential correlation. I'm monitoring both market sentiment and price action closely to determine the optimal entry point.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.