Possible C&H formation
Updated
Contrary to the last posts, I believe there is a good long term play here.
As the headline states, it is possible to see a C&H formation. The tricky part is calling the bottom of the handle :)
Drew the various support lines and where I believe the various bounces back up will happen. A good way to trade this would be to scale your buy orders downwards. start low and increase your size as it goes down further.
The best tgt entry price is the last box (around 180K sats) and I believe it most likely for price to go that low for several reasons:
- It served as a resistance and support in the past;
- The 50, 100 and 200 MA's are converging at that level. If price does drop to that level, the 21 MA will most likely also converge to that level.
Capital management is required.
Happy trading!
As the headline states, it is possible to see a C&H formation. The tricky part is calling the bottom of the handle :)
Drew the various support lines and where I believe the various bounces back up will happen. A good way to trade this would be to scale your buy orders downwards. start low and increase your size as it goes down further.
The best tgt entry price is the last box (around 180K sats) and I believe it most likely for price to go that low for several reasons:
- It served as a resistance and support in the past;
- The 50, 100 and 200 MA's are converging at that level. If price does drop to that level, the 21 MA will most likely also converge to that level.
Capital management is required.
Happy trading!
Note
Price reached all buy areas faster than expected and even though it went for the 3rd support for a while there was a nice bounce and it closed above the 2nd support line and moving back up on it. Those who profitted on this trade, congrats!
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.