oofd

Potential accumulation

Long
BINANCE:SNTBTC   Status / Bitcoin
This is looking similar to SALT and GVT before their recent rally.
Pros:
- consolidation along the 4H 200 EMA
- massive volume spike but price going no where
- already bounced on the .618 fib after a potential 5-wave impulse move.
- triangle pattern after an up move which tends to be a continuation pattern
- RSI neutral = room to rise
- MACD bullish cross

Cons:
- BTC movement might influence the outcome where it might test .5 or .618 fib again to form a double bottom pattern
- currently just under 200EMA = buying at resistance if you enter here.

Conclusion:
- the safer option is to wait for confirmation and buy bullish breakout of the previous williams fractal or restest of breakout.
- or if wanna take the risk enter a small position here and add more later.
- if it rallies targets are previous swing high and fib extension levels at 1.618 and 2.618 which lines up with previous highs.

Comments

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