Cartesi has seen a nice run up and is now working on its retracement.
The green support zone could be tested once again and this is, in my opinion, the best area to place your longs. However, given the state of the market (as I've said time and time again) I would not be surprised to see price rally up once again without it reaching all the way down to that support zone.
As we can see on the chart:
- Breakout of the channel; retest looks to be in the books
- EMA's still curling away from each other
- RSI coming back to the midrange
- Price reaching the golden pocket on the FIB
Set my stop loss just inside the channel and below the golden pocket to give a nice 4R:R.
If you want to take a bigger risk, you could also place it at $1.06 as that's the most recent high of the channel.
If we fail to move up, I'll be looking for a new long in the green support zone.
How do you feel about this setup?
The green support zone could be tested once again and this is, in my opinion, the best area to place your longs. However, given the state of the market (as I've said time and time again) I would not be surprised to see price rally up once again without it reaching all the way down to that support zone.
As we can see on the chart:
- Breakout of the channel; retest looks to be in the books
- EMA's still curling away from each other
- RSI coming back to the midrange
- Price reaching the golden pocket on the FIB
Set my stop loss just inside the channel and below the golden pocket to give a nice 4R:R.
If you want to take a bigger risk, you could also place it at $1.06 as that's the most recent high of the channel.
If we fail to move up, I'll be looking for a new long in the green support zone.
How do you feel about this setup?
