Hello guys,
I have been looking at UTK for a week now, and saw an interesting play to be made.
If you see the first part of the chart before the big dump, it looked like accumulation, but instead it was a distribution kind of scenario. This is why I'm keeping this trade short term, because alt currencies have not shown a sign of reversal yet.
I have detected a massive surge of buy volume after it dumping below support point, then it bounced back very fast. This really looks like Wyckoff accumulation/distribution type of plays.
If you check the chart, our circled high buy volume would most likely correspond to the "SPRING" point of Wyckoff, and after spring comes a usually nice pump.
Ttm squeeze and rsi indicating a buy opportunity as well.
Now, this is a trading opportunity, and there is no way to find out if this is accumulation. In both bearish or bullish cases, price could see at least a temporary surge to higher resistance, which could land us a nice 30-40% of gains in the short term.
Good luck in your trade.
I have been looking at UTK for a week now, and saw an interesting play to be made.
If you see the first part of the chart before the big dump, it looked like accumulation, but instead it was a distribution kind of scenario. This is why I'm keeping this trade short term, because alt currencies have not shown a sign of reversal yet.
I have detected a massive surge of buy volume after it dumping below support point, then it bounced back very fast. This really looks like Wyckoff accumulation/distribution type of plays.
If you check the chart, our circled high buy volume would most likely correspond to the "SPRING" point of Wyckoff, and after spring comes a usually nice pump.
Ttm squeeze and rsi indicating a buy opportunity as well.
Now, this is a trading opportunity, and there is no way to find out if this is accumulation. In both bearish or bullish cases, price could see at least a temporary surge to higher resistance, which could land us a nice 30-40% of gains in the short term.
Good luck in your trade.
Trade closed: target reached
Gj on the profits lmao