The weekly session is reaching its end today. Today a week ends/closes and this can send ripples through the market.
A week ending can turn into a bearish development or a bullish development. The start of a new week.
➖ Covalent (CQTUSDT) closed last week above EMA100; bulls win. Trading volume is the highest in a year and we are likely going to experience a close above a Fib. level.
While this move is already ongoing, which increases the pairs risk, it looks possible to experience a continuation.
I saw other pairs closing shy the weak which can signal a red start next week but here it is more mixed aiming up.
So here is the thing: We do not trade this type of chart setup. Normally we look at those trading low, near support; why? When the action is ongoing as it is now, the chart can look great and all but a retrace can start tomorrow and turn into a correction. If you buy at the bottom, you can't go wrong. That's the distinction.
👉 With that said, the chart looks bullish with potential (key word) for additional growth.
Make sure to do your own planning and research before trading and buying.