On this chart, we have a crypto specialty, the symmetrical triangle, where the target is generally the height of the triangle. However, these have not been the most reliable in recent times, so I'd recommend taking some profits on the way up.
Everything is looking good for the next few hours. MACD crossed over. RSI ticking up, and lots of volume. Target is equal to a fib level which is always a little confirmation as well. Stop is below a fib level and previous low, which is very conservative for a pattern like this, but still great R:R. Feel free to set it just below the triangle if you don't want to risk so much of your capital.
On the fundamental side of things, what's not to like as well? Twitter has been increasingly active by the day and so much faith is being restored and entering into the project.
Please don't forget to leave a like!
Previous link analysis:
Everything is looking good for the next few hours. MACD crossed over. RSI ticking up, and lots of volume. Target is equal to a fib level which is always a little confirmation as well. Stop is below a fib level and previous low, which is very conservative for a pattern like this, but still great R:R. Feel free to set it just below the triangle if you don't want to risk so much of your capital.
On the fundamental side of things, what's not to like as well? Twitter has been increasingly active by the day and so much faith is being restored and entering into the project.
Please don't forget to leave a like!
Previous link analysis:
Note
Bears are trying hard to not let the price go down TOO fast so that it doesn't make a big wedge again like last time. But on the other hand it could still happen, but ones with a big fakeout/ bear trap like we see here are less reliable.
Note
We are also bouncing on 100 EMA which is nice.Note
However, if we do go down lower, the 17500- 18000 zone should hold.
Trade closed: stop reached
Note
Support could be in the 16000 region
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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.
Related publications
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.