CCIV - Trade Idea
Price action shows a near-term double bottom forming(yellow arrows). Price has reacted well to the current support zone.
If we continue to get bullish volume over the next couple of days, price action should be able to break above resistance at the conversion line(blue).
If the price fails to break through the conversion line (blue), expect another test at the support level.
Should the price break above the conversion line (blue) and close with the line acting as support, we could see a near-term test at the base-line (red)
Ideally, the best entry would be at support, and our stop would be placed under the support zone.
Maximum upside potential: 55.45%
Maximum downside potential: 10.16%
Risk/Reward: 5.46
If we continue to get bullish volume over the next couple of days, price action should be able to break above resistance at the conversion line(blue).
If the price fails to break through the conversion line (blue), expect another test at the support level.
Should the price break above the conversion line (blue) and close with the line acting as support, we could see a near-term test at the base-line (red)
Ideally, the best entry would be at support, and our stop would be placed under the support zone.
Maximum upside potential: 55.45%
Maximum downside potential: 10.16%
Risk/Reward: 5.46
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy
Disclaimer
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.