Updated
BALencer// Strong Trending Channel
Balencer has been moving within this channel for a while with price strongly respecting the areas of resistance along the TLs.
More recently we had a break of the TL due to a BTC sell off but was followed with a swift recovery (both times). This suggests a lot of volume and buying momentum IMO, people are seeing these zones and taking advantage.
The next strong area of resistance will be at the 38% level which was the top of an M pattern previously and the nose of the more recent M pattern. An entry now would likely be met with some resistance at that level and if done, that should be a safe TP to get in and out before we know if price can sustain this momentum.
The other ideal entry would be once prices settles above 38% and we see its a clear support. at that point, we can use the 50% level (not shown) as a tight SL zone with 0% and -27% as TP targets.
Previous analysis linked.
More recently we had a break of the TL due to a BTC sell off but was followed with a swift recovery (both times). This suggests a lot of volume and buying momentum IMO, people are seeing these zones and taking advantage.
The next strong area of resistance will be at the 38% level which was the top of an M pattern previously and the nose of the more recent M pattern. An entry now would likely be met with some resistance at that level and if done, that should be a safe TP to get in and out before we know if price can sustain this momentum.
The other ideal entry would be once prices settles above 38% and we see its a clear support. at that point, we can use the 50% level (not shown) as a tight SL zone with 0% and -27% as TP targets.
Previous analysis linked.
Order cancelled
Out the window. Wont be trading for a few days til thing stabilize. Note
UpdateNot in the trade, but the resistance was broken and retested, so from here...you know where we're headed.
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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.