HOOK - $1.6 ON THE HORIZON
Updated
Let's talk about
HOOKUSDT for a moment. This price action is quite interesting and having monitored it for weeks I can say it looks like HOOK is on a bullish trend trend (at least for this scenario).Clearly (as depicted on the chart), it shows that we are in wave C-yellow of wave B-cyan. looking at the chart and price action, you had noticed that after price has dropped from the previous all time high (approximately 85%), one can expect a retracement if at all the price will continue to nuke to 50% Fibonacci level which has already been achieved but I feel the proportion is not good enough therefore I expect price to revisit $1.6-88 before the downtrend continues.
Another classical factor to consider is the support level that broke and became resistance. Price retested there twice already but i believe there should be one more retest if it is going to hold.
Lastly the trade setup for this is quite simple. Using the Ascending Channel as a guide, price thrust down by bears but quickly and aggressively returned into it by the bulls which is also a good sign that bulls are still in control therefore I do not expect another breakdown from the channel especially returning to the previous swing low which marks the invalidation level (stop). If this trade plays out it is a nice 5 risk reward. Now all we have to do is wait for entry.
I will be updating this especially the entry level if it changes. Stay tuned.
Besides, WHAT DO YOU THINK?
PREVIOUS ANALYSIS
This previous analysis will serve as the second scenario if the idea above invalidates.
OTHER ANALYSIS
Note
HOOKUSDT saw 31% and hit the first target since this post. I expect some retracement and bullish continuation.Trade closed: target reached
Note
UPDATE
Trade active
another target hit at this point I will tell you $1.6 is EXTRATrade closed: target reached
and we are at the horizon HOOKUSDT
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