WOO: DOUBLE TOP PATTERN
Updated
In this technical analysis, the idea presented is the 4-hour chart of 
WOOUSDT, which appears as a bearish indication of a double top pattern. With that, I plotted two potential diagonal support lines to consider for a breakdown to materialize.
I have a bearish sentiment for WOO based on an unlocking happening this October 10 per https://defillama.com/unlocks. What is unlocking? From a coin perspective, investors have the attempt to sell the unlocked tokens that they held for some time, which can decrease the price of the coin.
We're currently on a weekend, so we can't expect volume. I will continue to monitor this coin from time to time and provide updates as well in the comments.
On another note, consider checking my article about BTC CRUCIAL TRIANGLE
as we could expect a massive move and could correlate with altcoins as well.
Always plan your trades by knowing your support and resistance along with take profit or stop-loss areas when entering a position. Happy trading!
WOOUSDT, which appears as a bearish indication of a double top pattern. With that, I plotted two potential diagonal support lines to consider for a breakdown to materialize. I have a bearish sentiment for WOO based on an unlocking happening this October 10 per https://defillama.com/unlocks. What is unlocking? From a coin perspective, investors have the attempt to sell the unlocked tokens that they held for some time, which can decrease the price of the coin.
We're currently on a weekend, so we can't expect volume. I will continue to monitor this coin from time to time and provide updates as well in the comments.
On another note, consider checking my article about BTC CRUCIAL TRIANGLE
Always plan your trades by knowing your support and resistance along with take profit or stop-loss areas when entering a position. Happy trading!
Trade active
At this time, I entered within the confirmation of breakdown on the shorter support line at the price of $0.1803. I'm currently waiting for it to touch the longer and much stronger support line. If another breakout happens, it could touch the neckline and potentially achieve the double top bearish movement.Trade active
Partial take profit at the price of $0.1771. Next area would be the touch of the long diagonal support line. Also adjusted my stop loss to secure net profit for this trade.Note
At 06:00 today, WOO confirms another support breakdown. Took partial profit at the neckline support. Next target would be at $0.1670.Note
TP area hit #3!Trade closed: stop reached
My trade with WOO has reached my stop profit area above $0.17. Apparently, the support below the neckline of the pattern showed a bounce play. I will post my trade on my upcoming post.
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.