The price of AUDIO almost did a 70% retracement from ATH and is showing bullish signs again.
Classic bullish divergence on the RSI 4H and reached the 0.883 retracement level at the PCZ of a bullish bat where we could see a reversal of the trend.
My trade setup:
Entry around $1.75-$1.8
Stop Loss below D at $1.55 to keep a RR ratio of 3/1 if you want to include the first TP other wise move your SL below X at $1.38 and only use the 2 other TP tagets to keep a RR ratio of 3/1
First TP at C: $2.55
Second TP at A : $3.09
Third TP at ATH : $4.9
I expect to see a rejection from the $2.1 resistance possible to current lvls or even below before breaking it and moving up another level to the first TP.
Market is very volatile atm because of BTC current price action so always use a SL
NFA, DYOR
Classic bullish divergence on the RSI 4H and reached the 0.883 retracement level at the PCZ of a bullish bat where we could see a reversal of the trend.
My trade setup:
Entry around $1.75-$1.8
Stop Loss below D at $1.55 to keep a RR ratio of 3/1 if you want to include the first TP other wise move your SL below X at $1.38 and only use the 2 other TP tagets to keep a RR ratio of 3/1
First TP at C: $2.55
Second TP at A : $3.09
Third TP at ATH : $4.9
I expect to see a rejection from the $2.1 resistance possible to current lvls or even below before breaking it and moving up another level to the first TP.
Market is very volatile atm because of BTC current price action so always use a SL
NFA, DYOR
Trade closed: stop reached
On the smaller timeframe a bullish pennant is forming and expect a breakout in the coming hours which will take us above the first TP.