TARGETS: 1) Trail stop – let it run. This could go very high.
STOP: When a 4h candle closes below 1.949.
Rationale: -Price is accumulating at resistance and has not been affected by Bitcoin’s recent movements, which tells us this coin is showing a lot of strength. -The RSI is compressing within a pennant and the range has been getting tighter as it approaches the apex. It has now reached the apex and is ready to break. -A diagonal support has formed for the price (white line) which corresponds with the 100EMA. The 100EMA has been acting as strong support during the uptrend and the price is currently well above it. This confluence tells us it should be a very strong support level.
When this coin breaks through the resistance level it will run hard!
Your risk, your reward. This is not financial advice. Happy trading.