We see a simple pennant
forming here indicating a break in either direction. The spread on Binance looks good. Big sell wall around the 850 area. It looks like a lot of this recent movement is due to the large amount of bot volume
on the index. Sometime soon we will see a break back towards the 1/1 angle on the Gann fan
. I will update as the play pans out, but at the moment I am long and bullish
on this trade. Could see a formation of a head and shoulders
on the 4 hour chart over the next few weeks. That 99 day moving average has served pretty well as a basic support/resistance
line in the past. If the price can break it and be confirmed by either a kicker or three white horsemen candlestick
pattern (on the four hour chart) I will be looking to lock in anywhere from 50-80% gains. If a breakout occurs I will initiate a trailing stop of 10%. If not my ridged stop is 539.
If you have any questions feel free to pop em bellow!
Never trade alone! If you want to join a collaborative trading community shoot me a private message and we can talk about being apart of my trading discord group.