Long
*LONG* SALT : Descending Triangle: Breakout Imminent!
Salt has been correcting over the past week+ as the profit takers do their thing and the market consolidates.
But the breakout is coming. Very, very soon.
We have a fair sized descending triangle. A break now would take us to the indicated TP. However, if the price breaks lower, the next level of interest support is indicated at 692.
I believe we will have a break between now and then.
RSI is ripe for possible short and long term reversal and MACD is making a beautiful swooping motion on the 4hr.
I will post a larger picture in the comments below, but if this goes according to plan...we are going to have a massive cup formation in the making which will provide for epic profit potential.
But the breakout is coming. Very, very soon.
We have a fair sized descending triangle. A break now would take us to the indicated TP. However, if the price breaks lower, the next level of interest support is indicated at 692.
I believe we will have a break between now and then.
RSI is ripe for possible short and long term reversal and MACD is making a beautiful swooping motion on the 4hr.
I will post a larger picture in the comments below, but if this goes according to plan...we are going to have a massive cup formation in the making which will provide for epic profit potential.
Note
The bigger picture.
Note
Getting awfully close to a clear breakout.Need further signals?
Double bottom and bullish divergence on the 30 minute. This is looking very good and should take off any minute now.
Trade active
I believe we can call that a breakout.
Closely monitor the btc price, as another rally will inevitably interrupt most alt's rally.
Trade closed manually
Bitcoin made a nice little bull run which crashed most of the alt market. Unfortunately things like this happen in crypto. Correct fundamentals ---> spoiled milk. But congrats to those that made some profit during the rise.Trade closed: target reached
Well. Ironically, after I closed out the trade, it ended up nearly hitting our target. So I guess a partial victory? Ha. The crypto landscape can be weird and unpredictable!
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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.