let's think the unthinkableGreetings, fellow traders! In my previous post, I expressed confusion regarding the prolonged price pump of TRBUSDT. However, upon further analysis, I realized that my perspective was limited to the 1-hour and 4-hour charts. By switching to the 1-day or 1-week chart, the price action becomes much clearer.
Current Market Outlook:
Based on the new insights, I believe it is now safe to consider long positions until the next funding fee charge. Here are some factors supporting this view:
1. Breakout of Previous Resistance: All previous resistance levels have been broken
2. Most Recent Resistance at 80: This presents a potential target for the upward move.
3. Funding Fee Impact: The recent funding fee did not trigger a significant downfall, suggesting underlying strength in the current rally.
4. Bear Magnet Backfill: My indicator has detected a bear magnet waiting to backfill(img above red block), indicating the possibility of further upside movement.
5. Previous High Not Revisited
Target and Risk Management:
The safe target for this trade is around 80, with a potential extension to 95 if the bear magnet blocks do not reject further upward movement. However, it is important to note that entering a long position at this stage may involve FOMO (Fear of Missing Out). To minimize risk, it is advisable to employ the "scaling" technique, where smaller amounts are traded to control exposure and move your SL slowly toward profit to prevent sudden dump.
Warning and Conclusion:
It is crucial to highlight that this trade carries significant risk. For those lacking sophisticated risk management strategies and ongoing monitoring capabilities, it may be prudent to refrain from entering at the middle of this apex pump. The unpredictable nature of the market makes careful observation a rewarding strategy in itself. Profit opportunities aside, ensuring prudent risk management and vigilant monitoring should be the priority.
So, fellow traders, stay alert and cautious. Remember, taking necessary precautions and avoiding impulsive actions may benefit you more than simply focusing on the desire for immediate profits. let's ride this wave with care, and , do not take naps!
