zooming in to the 4HR OHLC chart we can see some more detail in the swing high.
Left circle is resistance, the price point where the last attempt to break out of the beartrend failed.
The right circle shows what we call the break.
Observed a lot in breakups like these, there is a moment of pause in the swing high, usually represented by a few candles closing and opening close to each other as price trades sideways for a short bit before moving up throught the level.
The same area is supporting the price when it comes back down to test support, this is what we call resistance becoming support.
Officially the elephant trade has already happened for this swing up as we already had a nice retracement back to support and a good bounce from our buy levels.
This is why I am already long, I just took half profit at target to secure some profits.
Should you still want a long position you can still use these levels with a stop just below the 0.786 fib.
I would recommend trying to scale into a position between the 0.50 and the 0.618 fib levels.
Safest option is to wait for the next legup and buy the dip on support again.
Stay tuned.
Left circle is resistance, the price point where the last attempt to break out of the beartrend failed.
The right circle shows what we call the break.
Observed a lot in breakups like these, there is a moment of pause in the swing high, usually represented by a few candles closing and opening close to each other as price trades sideways for a short bit before moving up throught the level.
The same area is supporting the price when it comes back down to test support, this is what we call resistance becoming support.
Officially the elephant trade has already happened for this swing up as we already had a nice retracement back to support and a good bounce from our buy levels.
This is why I am already long, I just took half profit at target to secure some profits.
Should you still want a long position you can still use these levels with a stop just below the 0.786 fib.
I would recommend trying to scale into a position between the 0.50 and the 0.618 fib levels.
Safest option is to wait for the next legup and buy the dip on support again.
Stay tuned.
Comment:
Alts are starting to trend again, we may see some more ranging before the bullseason begins.
This position is locked with a stop at break even. let it ride :D
This position is locked with a stop at break even. let it ride :D
ALways keep in mind that btc leads the pack and sudden or big moves on BTC will almost always impact your altcoin. Manage your risk accordingly.
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