Second analysis – SRMBTC –trading in a probable falling wedge that needs to break resistance for confirmation,
Points to consider, - Trend approaching apex - Structural S/R (support) - Possible bullish divergence forming - Stochastics buy cross
SRMBTC’s trend is approaching its apex where a break will be imminent; breaking bullish will confirm the falling wedge pattern.
The immediate target for SRMBTC will be swing high
Structural S/R is current support that is likely to get tested, establishing a new local lower low will increase the probability of an RSI bullish divergence.
The stochastic is currently showing a buy cross; momentum needs to shift above 30 for confirmation.
Overall, in my opinion, SRMBTC is a valid long trade upon confirmation of the falling wedge pattern. Price action is to be used upon discretion/ management of the trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Trade the market in front of you, not the one you want!” – Scott Redler