ANKR trade entry set up

Weekly time frame

• ANKRUSDT performed very well in the last bull run comparatively to the market.
  
• After a 90% decline from its ATH, ANKR formed a very clear support at the 0,017$ zone.
  
• In the beginning of 2023 ANKR witnessed a very strong momentum with volume and recorded a +285% increase. Since then ANKR evolved within its range
  

Daily time frame

• After bouncing back on the support line at the beginning of 2023 and breaking the declining resistance from ATH alongside a volume increase, prices were rejected at the top of the range.
  
• ANKR is now consolidating below a multi-months resistance on the lower area of the bigger range.
  
• We can use this consolidation as a good trade entry set up if ANKR breaks it. This gives us an interesting risk, reward ratio.
  

Strategy
Buying on a daily close above 0,028$

• Objective 1: Resistance and double bottom target at 0,04$ (+40%)
  
• Objective 2: Top of the range at 0,057$ (+100%)
  
• Objective 3: ATH at 0,167$ (+480%)
  

Invalidation
Mental Stop: below the consolidation at 0,023$
If prices retrace to this level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the daily close price.
Risk = Distance between Mental stop and entry point.

Let me know what you think!

Trade active:

Yesterday daily prices closed just above our entry level, trade has just started

Comment:

Objective 1 has been reached ✅!

Time to take some profits at +40% and keep the remaining portion for the next targets.

TO BE CONTINUED....

Comment:

Objective 2 of 0.057 has been reached ✅!

Time to take some more profits at +100% from our entry point and keep the remaining portion for the next targets.

TO BE CONTINUED....