Set-up Update- LEND ready for the next leg up?
Hi Traders,
This is an update on the BINANCE:LENDUSDT set-up that I posted for you yesterday.
As there seems to be a base forming up in the market, the leaders have begun to outpace the other markets.
LEND is a leader in the DeFi sector and is certainly worth following. In the last bull run LEND continuously outperformed the market, and grew almost 400%!
If you haven't followed through with the analysis, be sure to check out the original trading plan below:
In the new chart I've added the Wyckoffian Effort vs. Result (supply and demand analysis) for you folks to get a better sense of the price action.
If you're going to participate in the position, make sure you are caught up so that price doesn't run away from you!
As a swing trader, number 9 is enough confirmation for me to open my probe positions. I'm going to accumulate slightly more positions as price plays BELOW the red ribbon as confirms it's change of character to bullish.
The safer and my main entry is going to be upon the break and test of the resistance confluence though. If you'd like to play it safer you can wait till then!
There are much higher highs to come!
Our short term targets are at swing highs: $0.66 and $0.9 for now
If you liked my analysis or are following through, please don't forget to give it a thumbs up! That'll let TradingView know my articles are helpful and make our community larger
As always traders please keep in mind that dealing in financial markets is a highly risky endeavor and may result in large losses. The content posted here are for educational purposes.
I'm here to help our community grow and find systems that we could all use for profit, but please keep in mind that I am not responsible for any losses that you may incur
This is an update on the BINANCE:LENDUSDT set-up that I posted for you yesterday.
As there seems to be a base forming up in the market, the leaders have begun to outpace the other markets.
LEND is a leader in the DeFi sector and is certainly worth following. In the last bull run LEND continuously outperformed the market, and grew almost 400%!
If you haven't followed through with the analysis, be sure to check out the original trading plan below:
In the new chart I've added the Wyckoffian Effort vs. Result (supply and demand analysis) for you folks to get a better sense of the price action.
If you're going to participate in the position, make sure you are caught up so that price doesn't run away from you!
As a swing trader, number 9 is enough confirmation for me to open my probe positions. I'm going to accumulate slightly more positions as price plays BELOW the red ribbon as confirms it's change of character to bullish.
The safer and my main entry is going to be upon the break and test of the resistance confluence though. If you'd like to play it safer you can wait till then!
There are much higher highs to come!
Our short term targets are at swing highs: $0.66 and $0.9 for now
If you liked my analysis or are following through, please don't forget to give it a thumbs up! That'll let TradingView know my articles are helpful and make our community larger
As always traders please keep in mind that dealing in financial markets is a highly risky endeavor and may result in large losses. The content posted here are for educational purposes.
I'm here to help our community grow and find systems that we could all use for profit, but please keep in mind that I am not responsible for any losses that you may incur
Price teste the resistance confluence level and reversed with increasing supply from the high. That could be a signal that supply is eroding the demand and might be taking over.
If we don't see selling follow though, it would be a bullish sign
but a test of 0.5 is possible at this point imo
The idea is still valid, but let's be cautious at this point