HOT currently is down over 60% from the ATHHello traders .
in this idea i wanna to look at HOT/USDT .
let's start from the daily chart : as you can clearly see in the daily chart price breaks out from the weekly resistance at 0.786 fib level and start to accumulation above the weekly resistance and create bull flag , so it's very good sign for the HOT and it's seems that price breaks out from the bull flag and also retest it as new support .
in this area HOT price have 4 points of confluence :
1_ important weekly support .
2_ 0.786 fib level now act as support .
3_ very clear bull flag which is already broken and also price retested it as new support .
4_ price is above the 21 ema
you can calculate the target like this :
usually the technical target of the bull flag calculate like above picture and you can see in the potential target , price will meet weekly resistance at 0.5 fib level
there is another way to calculate the target :
you can draw fib extension and based on it , take some profit before or remain on your trade for higher price targets.
I hope you enjoyed this analysis.
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