API3USDT trade ideas
API3 formed bullish Gartley for upto 168% moveHi dear patrons, hope you are well and welcome to the new trade setup of API3 token with US Dollar pair.
On a daily time frame API3 has formed bullish Gartley pattern.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
API3USDT is testing the daily resistanceThe price created a double top on the daily time frame and now the market is testing the 0.786 Fibonacci level.
On the 4h timeframe, the price got a rejection from the previous daily resistance now new support on 5$.
How to approach?
If the price is going to lose the current support, 4.6$, and retest it as new resistance, we can add in our watchlist and apply our rules for opening a new short position until the next valid support on 0.886 Fibonacci level around 4$.
the scenario is invalidated if the price is going to have a breakout from the 5$ area and retest it as new support.
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
API3 Support & Resistance areaIn this chart we can see how exactly price get rejection & price rise from resistance & support. With the help of stochastic RSI indicator we can easily guess the price reaction. Once stochastic RSI reaches 80 & the candle is at its resistance we will get rejection from this point.