STORJ/BTC-Retrace and Extend - Text book example.
The price action for this pair is a 'text book' play. This tells me professionals are entering the market.
Price retraced to a 0.382 of the move swing and long term resistance that became support (role reversal).
Price met the trendline - then on the 4 hr made a COT (change of trend) to confirm a Bullish move = HIgher highs and Higher lows. That's the entry. Lovely!
The targets could be 127% up to 400%. Scale when you reach your target.
Price retraced to a 0.382 of the move swing and long term resistance that became support (role reversal).
Price met the trendline - then on the 4 hr made a COT (change of trend) to confirm a Bullish move = HIgher highs and Higher lows. That's the entry. Lovely!
The targets could be 127% up to 400%. Scale when you reach your target.
Comment:
No so textbook - our trendline was broken however, I am seeing this pattern on many pairs where role reversal is tested several (3 times) before a bullish move. We have held support and I think now the Bulls will come to the party and take price up.