The price has broke out of the formation and is now testing the most important level (35.5)
I believe it's a strong entry because:
1) This level proved to act as strong support/resistance in the past
2) It goes along with the upper trendline of the formation
3) The price is above 200EMA on daily chart
5) MFI 1h shows big divergence
4) Price can spike very quick from here as there's not much volume above
If btc doesn't go mad, this should be a very good trade.
Entry: 35.50 - 34.50 (or as long as it holds upper trendline)
SL: 32.40 (bottom of ATR(14), below 200ema 4h and below previous daily candle)
TP1: 41.60
TP2: 47.11
TP3: 58.16
TP4: 91.10
TP5: 125.3
TP6: 143.60
TP7: OPEN++
I believe it's a strong entry because:
1) This level proved to act as strong support/resistance in the past
2) It goes along with the upper trendline of the formation
3) The price is above 200EMA on daily chart
5) MFI 1h shows big divergence
4) Price can spike very quick from here as there's not much volume above
If btc doesn't go mad, this should be a very good trade.
Entry: 35.50 - 34.50 (or as long as it holds upper trendline)
SL: 32.40 (bottom of ATR(14), below 200ema 4h and below previous daily candle)
TP1: 41.60
TP2: 47.11
TP3: 58.16
TP4: 91.10
TP5: 125.3
TP6: 143.60
TP7: OPEN++
Comment:
got stopped out on this, but will be looking for another entry soon
Comment:
The price is once again consolidating above upper trendline of the channel. Volume is holding solid. Possible entry here.
Comment:
update:
3 scenarios from here:
3 scenarios from here: