FUN/BTC TA Update (Bull Market Started?)FUN/BTC
Last Dec 5, we posted buy signal for FUN after breaking above the down-line resistance and 200 Day MA. Price has reached our Take Profit Target 4 at this stage.
See link here:
FUNUSDT
FUN/USDT LONG - TP 0.006141$Hey everyone!
Hope you're scanning thoroughly in the beginning of the week in case you haven't done that over the weekend.
In any case, I bring you an idea with a potential re-entry possibility - currently.
What I like about this one is the falling wedge currently forming in the last few days. That was what I first noticed when going through this chart.
That made me put the entry at the purple dotted line (this level is only relevant for this explanation nothing else) but analysing further, I realised that the setup could be already on the move and we just need some more consolidation at current levels before price expansion can occur.
What's next: Volume Profile and Fibonacci are also compliant. The only thing that is worrisome is the low volume which is 50K$ (6.25BTC) and around 20BTC traded on the FUN/BTC pairing - so have that in mind when entering at market because you might just buy up the entire orderbook.
The original setup provided a
3.67 Risk-Reward-Ratio (RRR)
and leaving a limit order @0.003437 which was already revisited once (previous major resistance on 4h), allows you to extend that to 6.76 RRR.
So, decent looking structure with low trading volume. Easy to pump but with considerably more risk than usual.
Will keep out of this one but I thought I would share for those leaning more towards swing trading as the setup invalidates in around a month (way too long for myself).
Take care,
Vlad The Crypto Trader
