Hello, Traders!
Open interest in the futures market continues to drop. Therefore, the market needs a re-accumulation (as it happened in the September-October 2020 period) to continue the upward movement.
Finding potential long-term trades for the accumulation period would be a good option.
According to the chart, we can see that the DOT has completed its business cycle and the selling has stopped in the $15.00 - $19.00 range.
A long term buy entry can be considered between $16.00 and $19.00
Stop loss for this trade can be placed near $12.00
Long term buy targets are:
$28,50
$34,40
$40,00
$45,50
$48,00
This long-term trade also gives us an excellent risk-to-profit ratio of 1/8
Good luck and watch out for the market!
P.S. This is an educational analysis that shall not be considered an investment advice
Open interest in the futures market continues to drop. Therefore, the market needs a re-accumulation (as it happened in the September-October 2020 period) to continue the upward movement.
Finding potential long-term trades for the accumulation period would be a good option.
According to the chart, we can see that the DOT has completed its business cycle and the selling has stopped in the $15.00 - $19.00 range.
A long term buy entry can be considered between $16.00 and $19.00
Stop loss for this trade can be placed near $12.00
Long term buy targets are:
$28,50
$34,40
$40,00
$45,50
$48,00
This long-term trade also gives us an excellent risk-to-profit ratio of 1/8
Good luck and watch out for the market!
P.S. This is an educational analysis that shall not be considered an investment advice
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.
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.