Looks like a nice wedge forming at a long term support zone here. Going to try a small size now and sit and wait for this to play out. The red zone could still be a resistance. With wedges like these, they usually play out, but they can make a false breakout to the downside first as well. If this happens, it's important to see a good bounce up as well, like a small V shape. That usually shows the real direction of the whales then.
That red zone, is the level to break for a good bullish wedge. So the safe play is to see the wedge break. If this whole thing fails, then i am simply going to wait and see how things go. That second green might still give support as well. So there is a lot of potential on the upside for the mid-term, but short term the trend is still down
That red zone, is the level to break for a good bullish wedge. So the safe play is to see the wedge break. If this whole thing fails, then i am simply going to wait and see how things go. That second green might still give support as well. So there is a lot of potential on the upside for the mid-term, but short term the trend is still down
Note
Target reached :) LOLSeems some brokers had a very crazy spike in the price, but not all of them though. So the lucky ones who had sell orders ready, congrats. For the rest, we should assume like nothing happened.
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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.