RLC H&S poised for a pop; potentially a bigger run.

Updated

H&S on RLC (easier to see on smaller TFs), we've already broken the shoulder line, but haven't had volume fall through yet. If we see some volume, I'd expect us to touch up to 330, which is heavy volume resistance and fits perfectly with the measured move from the H&S. I've bought some and will plan to offload 75% around 330. Will set a S/L a little into profit. I'm expecting us to take a bit to break 330, and think we'd drop back down to the current zone, which would actually form a larger H&S. However, if momentum picks back up, then I'd be looking for us to then move upto 530, where we have the 382 retracement, the 3D 100 EMA (white EMA here), and the measured move off the larger H&S.

BTC in a precarious spot, so I'm keeping my SL tight and am willing to ditch if BTC breaks down and closes below 7900.

Trade closed: target reached

Target hit. I will keep my remaining 25% for a bit longer just to make sure we don't do anything crazy and run higher. Have s/l set at 290. However, I expect us to retrace and bounce around here with 330 serving as a resistance. Will offload the rest once it is clear we don't have any more momentum left. Potentially still have another run once there is time to break through 330, will be watching price action over the next few weeks to see if there are good signals for re-entry later

nfamy

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