DERO - prepared for next pull up
Dero creates the textbook ABC correction wave with double bottom and now is retesting S/R level 6K - 6,2K which is created by "hidden" falling wedge breakout and bottom edge of trendline channel (blue, lines).
There is the possibility to fall down to the bottom edge of the red wedge. But I think, there is a very low probability of this price action.
Targets are at 9,6 - 9,8K sats respectively at 11,8-12,2K sats which are 1 and 1,618 extensions of previous pull up.
If we put stop-loss to the area under red wedge (5200 sats), we get a nice 3,5 respectively 6 risk/reward ratio.
There is the possibility to fall down to the bottom edge of the red wedge. But I think, there is a very low probability of this price action.
Targets are at 9,6 - 9,8K sats respectively at 11,8-12,2K sats which are 1 and 1,618 extensions of previous pull up.
If we put stop-loss to the area under red wedge (5200 sats), we get a nice 3,5 respectively 6 risk/reward ratio.
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.