CELO Cup & Handle ☕Celo is forming Cup & Handle pattern and seems to be ready to break the neckline. If it really does then there would be a chance for run to 1.385 and even higher. Have set BUY STOP-LIMIT order @ 0.892 to catch the potential breakout which is agressive approach but that's just me. One can rather wait for break confirmation and buy the potential pullback to the neckline (backtest). S/R zones along the way: 0.98-0.99 and 1.16-1.20. Wise idea to secure some profit at the higher zone (TARGET1) and let the rest run to the C&H projection (TARGET2). There is also legacy uptrendline (orange) which could act as resistance and then flip to support.
ENTRY : local high @ 0.892
STOPLOSS (SL) : local low @ 0.682
TARGETS (TP) : TARGET1 - resistance @ 1.155 | TARGET2 - Cup & Handle measured move @ 1.385
REWARD RISK RATIO (RRR) : TARGET1 - 1.4 | TARGET2 - 2.65
INVALIDATION : when SL level hit
This thesis is supported by the idea down below and if BTC is really going to 27500 we should see nice pumps on alts as well.
Check my other stuff in related ideas.
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
CELOEUR
CELOUSD Repeating Structure / MA It can be seen on this chart that the moving averages (especially the 50 and 100MA (death-crosses) more evident) are following repeating moves while the 200MA moves steadily higher
We can use this information to predict the price action within the channel placed
I expect a small move upwards to the top of the channel and then rejection back to the bottom of the channel
Diagonal lines can be drawn to display this repeating action
If a repeat does not occur and a move upwards above the channel occurs, price may breakout a lot higher.
CELO - How our Levels worked During today's 'Storm'Massive dip today, probably well orchestrated too with billions of dollars lost in liquidations.
Let's take a step back and see how our levels works.
Look at our previous ideas below for comparison. (CLICK ON PLAY BUTTON 3 TIMES ON PREVIOUS IDEA TO SEE TODAY'S SUPPORT LEVEL MEETING OUR CHART EXACTLY)
No love today,
the FXPROFESSOR