This Breakout formed on this falling wedge is promising for a minor pull back for a decent correction here. A well managed long position can be helpful for a decent profitable trade.
This is not a financial advice. Always do your own research and always put stoploss in your trade (SL) :) If you want more detailed info
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falling wedge pattern, the purple line is just an idea of a potential inverse head and shoulders playing out!
I would like to add half the TVL has left all dex exchanges in general, towards end of last year there was $110B TVL now there is around $55B TVL
1inch actually has a market share and is an aggregator, which gives best price for that swap.
Lots of...
the price was clamped in a narrow range, soon there should be a reversal and a strong pump, I am gaining a large position. the coin did not react in any way to the bitcoin dump, a very strong tool at the moment
SELL ENTRY @0.988
STOP LOSS@1.109
TAKE PROFIT@0.907
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BTC seems to go down more (to $31000 maybe) today. Although 1INCH has been quite strong these days, I think that it would break the downside of the triangle to drop more than 10% the next hours.
RSI already break its trendline. Entry when 1H candle close below $1.278.
Support is an area in which demand overcomes supply, limiting downward price movement.
Resistance is an area in which supply overcomes demand, limiting upward price movement.
If the market breaks trendline then we will enter sell trade. If the market forms a bullish candle after taking rejection from the trendline, then we will take a buy trade.
1inch has been consolidating inside this pattern with RSI, Momentum, MacD turning bullish. The Wave 3 target will take us to the .618 fib level (4hr). It looks like RSI will have enough momentum to break out at any moment. This chart based off of The Elliot Wave Theory, Fibonacci, EMA’s, MacD, RSI, Momentum, and resistance/support zones combined with patterns.
The weekend volume has me a bit meh, and should wait really for the lagging strand to close above price and cloud, but the longer it stays here in this range, the sweeter will be the pop.
Could trail stops and close position early if again lagging strand crosses price.
1INCH/BTC looking very similar which is good.
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We look forward to a rebound.
We can face resistance in the green trend, but we expect to rise in the end
But if you don't break through the green trend, you can build a double bottom and raise it
Nice to seen the combination of bullish divergence on the 1 day and the 4hr for 1INCH/UDST.
(With bitcoin itself putting in a 4hour divergence, could help it)
Decent price target might be around the top of this falling broadening wedge, will elaborate further below...
1inch is now testing 2 year support line, I expect a bounce from here if BTC doesn't absolutely eat sh*t.
Indicators are showing signs of reversal, also on the daily chart it looks like a cup and handle formation is starting to form.
Entries: 1.255 (35 % of the given position)
0.786 (the remaining 65%).
Tp1: 3.352
Tp2: 6.252
p.s. don't follow this idea, I'm...
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