ANKR trade entry set upWeekly time frame
BINANCE:ANKRUSDT performed very well in the last bull run comparatively to the market.
After a 90% decline from its ATH, ANKR formed a very clear support at the 0,017$ zone.
In the beginning of 2023 ANKR witnessed a very strong momentum with volume and recorded a +285% increase. Since then ANKR evolved within its range
Daily time frame
After bouncing back on the support line at the beginning of 2023 and breaking the declining resistance from ATH alongside a volume increase, prices were rejected at the top of the range.
ANKR is now consolidating below a multi-months resistance on the lower area of the bigger range.
We can use this consolidation as a good trade entry set up if ANKR breaks it. This gives us an interesting risk, reward ratio.
Strategy
Buying on a daily close above 0,028$
Objective 1: Resistance and double bottom target at 0,04$ (+40%)
Objective 2: Top of the range at 0,057$ (+100%)
Objective 3: ATH at 0,167$ (+480%)
Invalidation
Mental Stop: below the consolidation at 0,023$
If prices retrace to this level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the daily close price.
Risk = Distance between Mental stop and entry point.
Let me know what you think!
