SKLUSDT trade ideas
SKL Potential break out - another beautiful falling wedge Looking to break out from somewhere inside the green box, as it corresponds with the previous high.
The last pump came from SKL's Coinsbase listing and was somewhat explosive, and has had a week or so consolidation, and is now looking to break out again, as USA wakes up with their new stimulus checks in their accounts.
A survey performed by the bank of America found that 20 - 30% of stimulus check will find their way to the stonk and crypto markets.... time will tell.
Fib levels stated on the way up.
The next leg up for SKL?Looking like solid support, if the top gets blown off the 4.236 fib then this will probably be the final leg otherwise this project should continue up the ranks of market cap. Currently this project sits at around #100 spot for market cap and is top 25 market cap potential in my assessment. Everything checks out for this project to be a big gainer STILL as long as BTC doesn't crash the market. This isn't without its risks though, fundamentally it checks out but we are in an unregulated market so nothing is guaranteed, but if I had to place my bets anywhere right now, its SKL.
Parallel downward channel (SKLUSDt)We broke out to the downside of the previous triangle pattern, currently we're trading inside a parallel channel it seems. Although I don't think we will fall below the red line, keep this option open. In that case I will open a short position. For now I remain bullish on SKL. I will open long position after a retrace to the support level, if it holds.