We have some small 4h Bullish Divergence on 4h RSI so breakout could happen soon, entry on backtest of that downsloping resistance. Much better entry area would be in single digits but let's see where (if) it actually occurs. Bullish f it can rally and break back above $12.3 resistance, otherwise probably headed towards $9 where we would look for another entry opportunity. 3 targets for risk management. Watch for volume signature on that possible brekout for confirmation.
Note
I forgot to mention, MACD is also slightly diverging on daily timeframe but it's happening within single histogram island so it's not very reliable. Negative momentum is waning though.Note
Breakout in progress. Wait for confirmation to enter.Trade active
Backtest appears to be successful. Entry today.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.