On the above weekly chart price action has corrected 80% since late 2021. A number of reasons now exist to be long, including:
1) Price action and RSI resistance breakouts.
2) Price action confirms support on past resistance.
3) Trend reversal. The first higher high / higher low has printed since 2021.
4) A pennant formation with confirmed breakout. A reliable chart pattern with predictable targets. The Flagpole (blue line) is used to measure the target ($2) from the breakout point. Very similar to the attached MATIC idea @ 1 cent.
Is it possible price action corrects further? Sure.
is it probable? No.
Ww
Type: trade
Risk: <6%
Timeframe for long: This month
Return: 3500%
1) Price action and RSI resistance breakouts.
2) Price action confirms support on past resistance.
3) Trend reversal. The first higher high / higher low has printed since 2021.
4) A pennant formation with confirmed breakout. A reliable chart pattern with predictable targets. The Flagpole (blue line) is used to measure the target ($2) from the breakout point. Very similar to the attached MATIC idea @ 1 cent.
Is it possible price action corrects further? Sure.
is it probable? No.
Ww
Type: trade
Risk: <6%
Timeframe for long: This month
Return: 3500%
Trade active
GRM support confirmed + support on past resistance, all on the weekly chart.Note
Past resistance confirms support.Trade active
Note
Price action must exit the downward channel following the fake out for this idea to remain valid.8 day
There is a good probability an uptick in price action is seen over the coming days. Watch the next week or two closely for confirmation.
15hr
Trade closed manually
Going to close this one for the time being. The weekly falling volume on the flag backtest is not what you want to see.Furthermore candle bodies are required to print on the GRM (yellow dotted line) for price action to remain bullish. At the moment price action descends and tests as resistance.
There are better options in the market right now.
Trade active
Can long until 1.30 area
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.