Once again, the 0.00011 level turned out to be strong support. FLOKI created a lovely U-shaped pattern that touched the level and bounced immediately.
Therefore, the stage is set to climb back to the next resistance of 0.000135 — at least from a chart perspective.
That move would result in more than 15% gains.
Technical indicators second this move, too:
- MACD on the daily chart just turned bullish
- RSI is in the lower neutral zone
- ADX is showing some admirable strength (>30)
But wait!
Here are three aspects you should consider before jumping into a trade:
1️⃣ Volume
A tiny summer weekend volume drives the current reversal. The Monday opening bell can easily and quickly force another U-turn - this time to the downside.
2️⃣ Downtrend
Technically, FLOKI is still in a downtrend. A break of 0.000135 would send a much more robust and precise signal for going long than the current reversal.
3️⃣ Bitcoin
And here's the most significant burden: Bitcoin is still in its "indecisive mode." Subsequently, this adds a substantial additional risk to a current trade setup.
❇️ Here's a better strategy
- First, don't enter the trade right now. The risk is too high.
- Wait for FLOKI to pump above the 0.000135 level.
- Most likely, this will only happen if Bitcoin enters an uptrend.
- Trade the area between 0.000135 and 0.0002
Therefore, the stage is set to climb back to the next resistance of 0.000135 — at least from a chart perspective.
That move would result in more than 15% gains.
Technical indicators second this move, too:
- MACD on the daily chart just turned bullish
- RSI is in the lower neutral zone
- ADX is showing some admirable strength (>30)
But wait!
Here are three aspects you should consider before jumping into a trade:
1️⃣ Volume
A tiny summer weekend volume drives the current reversal. The Monday opening bell can easily and quickly force another U-turn - this time to the downside.
2️⃣ Downtrend
Technically, FLOKI is still in a downtrend. A break of 0.000135 would send a much more robust and precise signal for going long than the current reversal.
3️⃣ Bitcoin
And here's the most significant burden: Bitcoin is still in its "indecisive mode." Subsequently, this adds a substantial additional risk to a current trade setup.
❇️ Here's a better strategy
- First, don't enter the trade right now. The risk is too high.
- Wait for FLOKI to pump above the 0.000135 level.
- Most likely, this will only happen if Bitcoin enters an uptrend.
- Trade the area between 0.000135 and 0.0002
I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
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Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
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.
I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
Join my free newsletter for insights and the hottest trade setups every weekday!
newsletter.bencrypto23.com
🔥 For exclusive content: newsletter.bencrypto23.com/exclusive
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.