AUCTION/USDT Technical Analysis: Potential Long Trade SetupAUCTION/USDT Technical Analysis: Potential Long Trade Setup
Hey Traders!
Check out this technical analysis on AUCTION/USDT for a potential long trade opportunity. Remember, this is not financial advice, and always do your own research before investing in any coins.
Price Action Analysis:
AUCTION/USDT has seen an impressive 300% surge in the past week. However, it's crucial to approach trading with caution and not let FOMO (Fear Of Missing Out) guide your decisions.
Long Entry Strategy:
Based on my analysis, Wave (III) seems to have completed, and a correction in the form of Wave (IV) could be coming. If you're considering a long position, wait for the completion of Wave (IV). A retracement of around 40-50% from the peak of Wave (III) is expected.
Ideal Entry Zone: $8.88 - $10
Stop Loss: $7.58
Price Targets:
Should the anticipated pattern play out, significant upside potential is possible. Primary price targets for the long trade are set at $17 and $22.
Risk Management:
Remember, risk management is crucial in trading. Enter the market with a well-calculated risk-reward ratio to protect your capital and avoid substantial losses. Consider short trading opportunities as well, but be aware that they may require a wider stop-loss due to higher volatility.
Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Trading cryptocurrencies involves risk, so exercise caution and conduct thorough research before making any investment decisions.
Happy trading, and may the markets be in your favor!
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