#FLOW reversalHello dear Traders,
Here is my idea for #FLOW
Price finds support at monthly pivot line.
Daily outside bar (blue candle) has been formed and we will wait for a close above the yellow trigger line in the 4h chart to enter the trade.
Profit target 3.17$ and Risk Reward ratio 2.6
Please feel free to ask any question in comments. I will try to answer all! Thank you.
About #FLOW
Rank 31 by marked cap
Flow is a fast, decentralized, and developer-friendly blockchain, designed as the foundation for a new generation of games, apps, and the digital assets that power them. Flow is the only layer-one blockchain originally created by a team that has consistently delivered great consumer blockchain experiences: CryptoKitties, Dapper Wallet, NBA Top Shot.
Source: coinmarketcap.com
About Pivot Lines
The term monthly indicates that the pivot levels are calculated using the prior month’s high, low and closing price. The basic formulas are now well-known and pivot calculators are readily available on Tradingview.
If a market closes above the monthly pivot, then the trend is positive, and closing below the pivot is negative. In a positive market, you look for prices to pause, or maybe even reverse, at the first pivot resistance level (R1). If that level is exceeded, then the R2 is the next level to watch. Conversely, when a market drops below the monthly pivot, then the first downside target is the first pivot support (S1), and the second support is S2.
Source: Learn How To Use Monthly Pivot Analysis (forbes.com)
