In this chart of BINANCE:UNFIUSDT, the coin is forming a possible inverse head and shoulders pattern as presented on the thumbnail.
It could also form a cup and handle due to slight inclarity of the head and shoulders.
But both patterns citing a possible BULLISH movement for the price of BINANCE:UNFIUSDT.
On a daily perspective, the price has reached a critical Fibonacci area of $9.164 as shown in the chart below.
Will update the target areas for a possible break plays below. For now I'm waiting for a breakout that could be (hoping) just hours from now :)
Always PLAN your trades and happy trading!
Comment
⋅
Our indicators are showing bullishness with the crossing of MACD but with some consideration given the coin nearly overbought.
Take a grain of salt for this trade, I plotted also two potential support lines.
Trade active
⋅
Trade active
⋅
First take-profit would be at $9.439. By plotting the 1.236 Fib retracement from higher high of the handle and the price is near to the start of the pattern. Also, plotted an additional support line to consider for a partial stop profit area.
Comment
⋅
Take profit #1 hit. Just trading using phone btw 😀
Comment
⋅
Currently, took a partial stop profit upon breakout but the resistance of the pattern earlier that acts currently as the new support for this trade. If another resistance breakdown happens, another partial stop profit.
I'll see what happens with the movement but it looks like it shows conviction for now.
Trade active
⋅
Next take profit areas: TP2 ($10.277): 1.618 Fib retracement from the handle shape. TP3 ($10.399): .786 Fib retracement from swing high of Sep 2023 to swing low.
Comment
⋅
Comment
⋅
You can also check my trade idea about REEF which had a mini breakout on its two-year resistance line. Something to watch out for
Comment
⋅
TP2 ✔️ TP3 ✔️
Comment
⋅
Took another stop profit. Currently saw a price rejection on the .786 area. Great if you short scalp the coin upon breakdown on the diagonal support shown ago.
Comment
⋅
Let the market breathe right now but keep an eye for possible bullish patterns.
Trade active
⋅
TP4 hit on the 1.236 Fib retracement, TP5 area would be on the 1.618 or the psychological resistance of $11.
Comment
⋅
TP5 hit! Looking to past $11 resistance.
Comment
⋅
Comment
⋅
Comment
⋅
My position UNFI has been closed when it triggered on the stop profit area of $9.4, not knowing it is for partial taking profit.
Old resistance being the new support for UNFI. I suggest putting stop area at around $9.3.
Trade closed: stop reached
⋅
Comment
⋅
Breakout on the common trendline keeping an eye on the diagonal support.