1INCH has formed a beautiful price channel on the 4H chart where we clearly can see how it is slowly going in an uptrend, buyers are definitely in control. However, like most alts, 1INCH is bound to the movement of BTC, the latest pullbacks we've seen is likely in co-relation with the pullbacks we have seen with BTC, so it's important to take BTCs price movement in consideration when taking positions and ensure that you have set a stop loss according your risk management if BTC decides to plunge.
We seen it respect the price channel and key level of 1.13 and it's already followed by a green candle. If it can keep up the momentum and break the 1.34 resistance, it's likely we'll see more upward movement. If it respects the current price channel, it is likely we will see it reaching the $2 area before the end of the month.
Trade safely.
We seen it respect the price channel and key level of 1.13 and it's already followed by a green candle. If it can keep up the momentum and break the 1.34 resistance, it's likely we'll see more upward movement. If it respects the current price channel, it is likely we will see it reaching the $2 area before the end of the month.
Trade safely.
Comment:
BTC has shown a strong pullback and this has rippled to all altcoins. Unless we see BTC consolidate it's likely we'll see it plummet to lower levels which will pull all alts further down. 1INCH already has broken the price channel and its likely we'll see it go down as BTC retraces. Reassess your positions according to your risk management. Do not leave them open without stoplosses.
