Simply a break and retest from the Daily TF, nothing complicated. This is a strategy that has worked quite well for me during this bull run. However, timing is the most important aspect.
Looking at the chart currently, we missed the retest, but when looking on the 4H TF there is a Falling Wedge Pattern on its 4th test and about to break. Which is still a comfortable opportunity to go long.
Reasons not to enter...yet:
1. Such a strong bullish impulse requires atleast a small 38% retest.
2. We are almost there, but we havent closed above the last Lower High from the more recent downtrend.
3. BTC is under some bearish pressure and may affect the price action of UTK if there isn't enough volume and momentum to keep UTK's price along this bullish path.
4. The consolidation period was quite long, may suggest a slow run-up and the opportunity cost of finding another token with more momentum would be greater than the possible profits from UTK.
Let me hear your thoughts in the comments.
Looking at the chart currently, we missed the retest, but when looking on the 4H TF there is a Falling Wedge Pattern on its 4th test and about to break. Which is still a comfortable opportunity to go long.
Reasons not to enter...yet:
1. Such a strong bullish impulse requires atleast a small 38% retest.
2. We are almost there, but we havent closed above the last Lower High from the more recent downtrend.
3. BTC is under some bearish pressure and may affect the price action of UTK if there isn't enough volume and momentum to keep UTK's price along this bullish path.
4. The consolidation period was quite long, may suggest a slow run-up and the opportunity cost of finding another token with more momentum would be greater than the possible profits from UTK.
Let me hear your thoughts in the comments.
Note
4HNote
4H Break and close above TL. Moving quite slow and didnt react much to the recent BTC impulse like the rest of the ALTs which is interesting.Note
More developments. Buyers are here, but Ill be waiting the see the reaction of the next 1-2 candles now.
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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.