WLDUSDT - Setting Up for the Next Bullish Move?
Are the bulls back? With price rising by 89% in just 5 days. Let's now analyse the present retracement and our next Trade.
Bullish Run: During our previous bullish run, we witnessed high volume entering the market, which resulted in an 89% price increase in just 5 days.
Price Retracement: At this point, the price has retraced 34%, putting us in a fantastic purchasing position.
Long Trade Setup: Watching for Bullish Momentum
1.) Volume Monitoring:
Bullish Momentum: It is important to observe the volume carefully for indications of a resurgence of bullish momentum.
Range Formation: To provide a strong base for the following move, some consolidation or a range would be good.
2.) Buying Zone:
Entry Area: Exactly in line with important support levels, our buying zone is between $2.30 and $2.00.
3.) Target Levels:
Yearly Level and Fibonacci Confluence: The Fibonacci 0.382 and the negative Fibonacci 0.234 coincide to the yearly level, which is our first target region for profit taking.
Main Target: The Fibonacci 0.618 level, or roughly $4.70, continues to be the primary target for the long position. Here is the previous trading range where the price fluctuated for more than 56 days.
Strategy: Executing the Long Trade
Primary Entry: Enter a long trade within the buying zone of $2.30 to $2.00.
Volume and Price Action: Monitor the volume and price action closely to confirm bullish momentum.
Target Profits:
Initial TP: Aim for the yearly level and Fibonacci confluence area as the first take profit zone.
Main TP: Set the main take profit target at the Fibonacci 0.618 level around $4.70.
Fibonacci remains one of my favourite tools for indicating where to buy and take profits, a simple yet powerful tool.
What are your thoughts on this analysis? Are you ready to go long on WLD? Share your thoughts down below.
Bullish Run: During our previous bullish run, we witnessed high volume entering the market, which resulted in an 89% price increase in just 5 days.
Price Retracement: At this point, the price has retraced 34%, putting us in a fantastic purchasing position.
Long Trade Setup: Watching for Bullish Momentum
1.) Volume Monitoring:
Bullish Momentum: It is important to observe the volume carefully for indications of a resurgence of bullish momentum.
Range Formation: To provide a strong base for the following move, some consolidation or a range would be good.
2.) Buying Zone:
Entry Area: Exactly in line with important support levels, our buying zone is between $2.30 and $2.00.
3.) Target Levels:
Yearly Level and Fibonacci Confluence: The Fibonacci 0.382 and the negative Fibonacci 0.234 coincide to the yearly level, which is our first target region for profit taking.
Main Target: The Fibonacci 0.618 level, or roughly $4.70, continues to be the primary target for the long position. Here is the previous trading range where the price fluctuated for more than 56 days.
Strategy: Executing the Long Trade
Primary Entry: Enter a long trade within the buying zone of $2.30 to $2.00.
Volume and Price Action: Monitor the volume and price action closely to confirm bullish momentum.
Target Profits:
Initial TP: Aim for the yearly level and Fibonacci confluence area as the first take profit zone.
Main TP: Set the main take profit target at the Fibonacci 0.618 level around $4.70.
Fibonacci remains one of my favourite tools for indicating where to buy and take profits, a simple yet powerful tool.
What are your thoughts on this analysis? Are you ready to go long on WLD? Share your thoughts down below.
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