TON → Rejected at Lifetime Resistance! Let's Maximize Profits.
Updated
TonCoin has been rejected at the Lifetime Resistance zone and is currently falling toward the Weekly 30EMA. The trading area between the 30 EMA and Resistance Zone is relatively tight making a good Risk/Reward Ratio more difficult to obtain.
How do we trade this? 🤔
The Crypto Market is currently bullish so we should be looking for price areas to get long. We saw a bear signal candle on the week of November 6th, when the price began to pull back. The pullback does not appear to be over, so we need to wait for support to be established. The next reasonable area to expect support is the Weekly 30EMA. If we find a strong bull signal candle and confirmation at that price range, it's reasonable to long at 1:2 Risk/Reward back to the lifetime resistance.
I would caution swinging any part of that position expecting a break beyond the Lifetime Resistance level as I believe the crypto market as a whole has one more good bear dive before we move to new all-time highs.
💡 Trade Idea 💡
Long Entry: $2.15
🟥 Stop Loss: $2.53
✅ Take Profit: $1.96
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Price Rejected at Lifetime Resistance.
2. Weekly 30EMA Target for Support.
3. Wait for Price to Show Support at 30EMA
4. Bull Signal and Confirmation bar on Daily Chart to Long.
5. RSI at 56.00, below Moving Average. Bias to Short in the Short-term.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
How do we trade this? 🤔
The Crypto Market is currently bullish so we should be looking for price areas to get long. We saw a bear signal candle on the week of November 6th, when the price began to pull back. The pullback does not appear to be over, so we need to wait for support to be established. The next reasonable area to expect support is the Weekly 30EMA. If we find a strong bull signal candle and confirmation at that price range, it's reasonable to long at 1:2 Risk/Reward back to the lifetime resistance.
I would caution swinging any part of that position expecting a break beyond the Lifetime Resistance level as I believe the crypto market as a whole has one more good bear dive before we move to new all-time highs.
💡 Trade Idea 💡
Long Entry: $2.15
🟥 Stop Loss: $2.53
✅ Take Profit: $1.96
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Price Rejected at Lifetime Resistance.
2. Weekly 30EMA Target for Support.
3. Wait for Price to Show Support at 30EMA
4. Bull Signal and Confirmation bar on Daily Chart to Long.
5. RSI at 56.00, below Moving Average. Bias to Short in the Short-term.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
Note
TON came down to the 200EMA as described in my analysis and the original intent was to get long after the 200EMA showed support. We need to see how this Daily candle closes before making any moves. This bear candle could be the first in a Crypto-wide pullback from the recent bull price action. With as much sell pressure as we just witnessed, I believe this analysis is invalidated. We wanted to see a steady pullback to the 30EMA with strong support, this candle carried too much force with it. Stay on the sidelines and lets see how this plays out!
A fresh TON analysis will be coming soon!
-Joe Dean
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