DIONE 1H BULL FLAG?
Potential bull flag setup on DIONE/USDT 1H TF.
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For now on the 1H TF there is a potential bull flag breakout LONG setup. After a strong rally price has been accumulating with Lower highs and Higher lows, compressing waiting to expend in either direction. TA suggests a bull flag should be a continuation to the upside. This would be backed up by the 1D chart where price is above the daily support & 1D 200EMA, the draw on liquidity should now be above so this suggests a bullish continuation.
For DIONE to breakout below it would have to lose the 1H 200EMA while it's in a steep uptrend. I think that would have to come from BTC nuking and with FOMC that's possible due to volatility of news events, however it is less likely than the bullish scenario IMO.
A very exciting L1 project using 100% renewable energy. IMO it's one to watch going into 2025, being environmentally friendly fixes the ethical argument that crypto is bad for the environment, this could be a massive pro for the project going forward when the L1 choice will narrow down as the winners rise to the top during the adoption phase.
For now on the 1H TF there is a potential bull flag breakout LONG setup. After a strong rally price has been accumulating with Lower highs and Higher lows, compressing waiting to expend in either direction. TA suggests a bull flag should be a continuation to the upside. This would be backed up by the 1D chart where price is above the daily support & 1D 200EMA, the draw on liquidity should now be above so this suggests a bullish continuation.
For DIONE to breakout below it would have to lose the 1H 200EMA while it's in a steep uptrend. I think that would have to come from BTC nuking and with FOMC that's possible due to volatility of news events, however it is less likely than the bullish scenario IMO.
Note
Bounced off the 1H 200EMA
Now broken out the top of the triangle, needs to flip the LH to continue move up.
Note
At the long trigger point for DIONE now, just needs to bounce here and take out the LTF local high to signal a bullish trend.
After that I think it's a good R:R trade
Note
Double bounce off the Daily support after failing to trigger the breakout LONG.
Note
Strong reaction off the Daily support, +14%
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