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FLRBTC

FLARE looks to be building a cup & handle formation.FLARE (FLR) recently went from being hated by some to quickly being loved by most! Leave it to a crypto doubling in price to change investor sentiment in a positive direction. FLARE (FLR) looks to be in the mid-stage of building a classic cup & handle formation, which we are seeing in a variety of cryptos right now such as HBAR, ALGO, TRU, ONE, REEF, and a few others. Identifying these potential trends can make trading these cryptos much easier by making it possible to identify potential entry and exit points within the trades, as well as predicting the directionality, i.e., long or short. I'm holding a bag of FLARE and will likely continue to hold it for many years to come. Good luck, and always use a stop.
Long
by MetaShackle
Flare looks to be setting a classic bull-trap.Flare has been on a run the past 8 days, but if you look at the chart I've provided you can deduce a great many things. Since Jan 11, 2023, Flare has printed a total 11 challenge highs on the chart. Only one time has it broken the previous high, and that happened on April 11th breaking the previous high set on March 28th, (This area is indicated by the green arrow, and the box on the chart as well as in the stochastic) which basically amounted to a 'nothing burger.' In the stochastic, during that same time frame, we see the only time flare has broken the 41.22 level (indicated by the lower white line) running up to 70.62 (the dotted line) which coincides with green arrow in the chart. (The nothing burger) Right now we are seeing Flare potentially challenge the 41.22 level on the stochastic, while also setting another high in the chart at .01182. (As seen in the lower text box) But at the time of writing this post Flare is shaping a red candle next to the last red arrow. So, from this info we can make a better decision on whether or not now is the time to load the boat on Flare. So before I will buy any Flare, I want to see the following. 1st- I want to see Flare break the .01182 level on the chart, and the 41.22 level on the stochastic. 2nd- I want to see Flare break the upper descending wedge trend line. 3rd- I want to see Flare break the previous high of .01265. What would be a really bad sign is if Flare drops below the .0081 level (the lower dotted line) as it could be a sign that price movement is going to head back down to the lower descending wedge trend line. I hope this helps you make a better decision. Keep in mind, if I do buy Flare it will be for a long-term, multi-year hold, and that entry is mainly what I'm trying to deduce from this data. Happy trading! * For reference. The Moving Average is the 75 Simple M.A. And my Stoch is set to 60/1/3.
BITFINEX:FLRUSD
by MetaShackle
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