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.