ANKR trade entry set up

Updated
Weekly time frame

  • ANKRUSDT performed very well in the last bull run comparatively to the market.
  • After a 90% decline from its ATH, ANKR formed a very clear support at the 0,017$ zone.
  • In the beginning of 2023 ANKR witnessed a very strong momentum with volume and recorded a +285% increase. Since then ANKR evolved within its range [0,057$ - 0,017$]


Daily time frame

snapshot

  • After bouncing back on the support line at the beginning of 2023 and breaking the declining resistance from ATH alongside a volume increase, prices were rejected at the top of the range.
  • ANKR is now consolidating below a multi-months resistance on the lower area of the bigger range.
  • We can use this consolidation as a good trade entry set up if ANKR breaks it. This gives us an interesting risk, reward ratio.


Strategy
Buying on a daily close above 0,028$
  • Objective 1: Resistance and double bottom target at 0,04$ (+40%)
  • Objective 2: Top of the range at 0,057$ (+100%)
  • Objective 3: ATH at 0,167$ (+480%)


Invalidation
Mental Stop: below the consolidation at 0,023$
If prices retrace to this level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the daily close price.
Risk = Distance between Mental stop and entry point.

Let me know what you think!
Trade active
Yesterday daily prices closed just above our entry level, trade has just started
Note
Objective 1 has been reached ✅!

Time to take some profits at +40% and keep the remaining portion for the next targets.

TO BE CONTINUED....
Note
Objective 2 of 0.057 has been reached ✅!

Time to take some more profits at +100% from our entry point and keep the remaining portion for the next targets.

TO BE CONTINUED....
Chart PatternsTrend Analysis

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