As you can see, the price started its bullish cycle in Oct. It finished the channel phase and entered into trading range phase, but not a normal trading range, It created trading range in pattern mode ( bullish triangle ).
Parts of the charts are:
Red line: short term bearish trend line ( one side of the triangle )
Dotted red line: extended bearish trend line
Green line: short term dynamic support ( another side of the triangle )
White lines: Main support zone
The Price broken both bearish trend line and extended one with 3 consecutive bullish candles and then has created a pullback with 2 pin bars and another small bearish candle. That's definitely a spike and its pullback, but the context does not support the idea that it's a start of a new bullish cycle which can create a new ATH, or just a minor cycle into the trading range and can go up and touches the previous ATH. For now, We do expect that the pullback continues to at least the broken extended line ( dotted ). If it goes further, the price will make pullback to the main bearish line ( red ) which also will be the cross of the red and the green line, so at that point, strong support it likely expected.
So at this point, the tp1 would be the previous high which will give %89.29 profits ( %161 if it goes down to the red line ) and at that point, we need to see the price momentum and decide to go for higher tps or we should take the profit.
Parts of the charts are:
Red line: short term bearish trend line ( one side of the triangle )
Dotted red line: extended bearish trend line
Green line: short term dynamic support ( another side of the triangle )
White lines: Main support zone
The Price broken both bearish trend line and extended one with 3 consecutive bullish candles and then has created a pullback with 2 pin bars and another small bearish candle. That's definitely a spike and its pullback, but the context does not support the idea that it's a start of a new bullish cycle which can create a new ATH, or just a minor cycle into the trading range and can go up and touches the previous ATH. For now, We do expect that the pullback continues to at least the broken extended line ( dotted ). If it goes further, the price will make pullback to the main bearish line ( red ) which also will be the cross of the red and the green line, so at that point, strong support it likely expected.
So at this point, the tp1 would be the previous high which will give %89.29 profits ( %161 if it goes down to the red line ) and at that point, we need to see the price momentum and decide to go for higher tps or we should take the profit.
Trade closed: stop reached:
Price made a pullback to the broken red-dotted line but was unable to start its bullish movement because of the new-year holidays and bearish atmosphere in crypto market.