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Short
Updated

TOMO correction?

1395

TOMO is among the cryptos that has performed very well this year, with 600% up. The trendline (in 1D TF) since March 2023 still holds.

However, TOMO has shown some signs of weakness when its price has been rejected by the local high around $1.7

I see that a distribution (following Wyckoff method) is possible on going.

As a reason, a proposed set-up is as in chart.

This crypto is highly volatile and the whole market is as well. Take care and don't forget risk management.





Note
Here is a bigger view on 1D TF
snapshot
Note
I closed this trade. TOMO didn't get weak as expected.
BTC is a important support and bouncing.
Trade active
Trade reactivated at the same entry.
BTC retested the EMA50D (26800) and still consolidates below this strong support.
Note
TOMO has been down 14% since entry. The trendline (1D) was broken. Here below are references (based on Fibonacci) for taking profit.
snapshot
Note
+24% from entry
TP1 done.

snapshot
Trade closed manually
BTC broke out its falling wedge (channel)
evasivesteering
Also on:
Support and ResistanceTrend Lines

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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.
Support and ResistanceTrend Lines
evasivesteering
Also on:

Related publications

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.