FLOKI: Resistance Breakout
Trade setup: Price is in an Uptrend. Following a bullish breakout from Channel Down, price broke above $0.000316 resistance level, it's prior ATH. broke above ATH and resistance of 0.00031...going higher. How much higher? hard to tell what's the next resistance but using Fib Extension Levels are: $0.00034 (50%) $0.00036 (61.80%) $0.00039 (78.60%) $0.00044 (100%) $0.00056 (161.80%). MEMEs have been on fire, the big theme of this cycle.
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Strong Up.
Momentum: Price is Overbought currently, based on RSI-14 levels (RSI > 70).
Support and Resistance: Nearest Support Zone is $0.00027, then $0.0002.
Pattern: Resistance Breakout. Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it's advance. Following a resistance breakout, the next closest resistance zone becomes a price target. Learn to trade key level breakouts in Lesson 7.
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up and Long-term trend is Strong Up.
Momentum: Price is Overbought currently, based on RSI-14 levels (RSI > 70).
Support and Resistance: Nearest Support Zone is $0.00027, then $0.0002.
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