Technical chartists usually say that price action is most important of all the indicators, and with such 4 time upper and lower pattern boundary respecting price moves the price action confirmation is strong. This coupled with the rsi, means there is opportunity for a swing trade with approx 25% upside.
Entry: $55k
Exit: $68k
Trade exit: $47.5k (to avoid major market event caused spikes downwards)
Note: The expected future fed rate cut should cause further buoyancy to price action. Furthermore, market events may cause spikes downwards, thus setting an automatic trade exit at $47.5 would avoid the previous downward spike level of $48 and leave a 1:2 P/L ratio. Therefore, allocating more than a max of 2-4% of a portfolio to this swing trade would not be advisable.
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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.