On the above weekly chart price action has recently corrected 60%. A number of reasons now exist to consider a long position. Including:
1) Trend reversal. Higher highs higher lows print.
2) Past resistance (red arrows) now confirm support.
3) 1 and 2 is also true for RSI
4) The falling wedge. With the confirmation of 1 and 2 a forecast can be made as is measured from within the wedge (blue arrows). A 1700% print from the support confirmation to almost $500.
Is it possible price action continues correcting? Sure.
Is it probable? No
Ww
Type: trade
Risk: <=6%
Timeframe for long: now
Return: Read the idea again
1) Trend reversal. Higher highs higher lows print.
2) Past resistance (red arrows) now confirm support.
3) 1 and 2 is also true for RSI
4) The falling wedge. With the confirmation of 1 and 2 a forecast can be made as is measured from within the wedge (blue arrows). A 1700% print from the support confirmation to almost $500.
Is it possible price action continues correcting? Sure.
Is it probable? No
Ww
Type: trade
Risk: <=6%
Timeframe for long: now
Return: Read the idea again
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
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
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.