A possible bounce point could be around the 12.2 area, which also aligns with the final take-profit (TP) level for short sellers. If a strong bullish pattern forms there, it would be a good entry opportunity.
Note
True bounce point area
It needs to break the 13.1 area first before we can say the bulls are in favor. Moving Averages (MAs) are also a good factor to consider; it needs to be above the MAs before considering taking a long position. I use multiple time frames: the 100-period MA on the 4-hour chart and the 100-period MA on the 1-day chart, as I mainly focus on higher time frames. The 15-minute time frame is considered neutral, sometimes volatile, sometimes not. From my point of view, all good setups that have a good chance of winning are found in higher time frames.
Note
Another retest done. If it retests for the third time, it's a sign of weakness and there's a high probability it will drop.
Note
Bounced at shorters extended tp area.
If the market is still bullish, it will start its run-up from here.
Note
Assuming you bought at the 2.618 Fibonacci retracement, and the asset is currently trading below its 100-day simple moving average (SMA), you have two choices: exit now at breakeven, or hold. If you choose to hold, consider your risk appetite, especially the possibility of not recovering your initial capital. No one knows if it will recover; currently, all we know is that it's trading below the 100-day SMA, indicating weak or no momentum.
If you consider investing at this coin and make a DCA, 100daily ma is good resistance/tp value.
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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.