GLMR trade setupWeekly: long term analysis
After more than 95% deep correction during the bear market, BINANCE:GLMRUSDT is building a reversal Head&Shoulder on a weekly time frame. Volumes are increasing since the All Time Low corresponding to the Head of the pattern and is following perfectly the H&S psychological structure.
Short term analysis
The inverted H&S pattern is attempting a breakout upward. If this breakout is confirmed, prices can start a strong upward move based on previous price action of GLMR. The latest higher low contracted the price’s volatility and offer us a good risk/reward setup.
Strategy
Buy signal will be given from a daily weekly close above the resistance line (neckline of the inverted H&S) around the 0.56$ mark.
Objective 1: Next resistance line (with Risk/Reward =3) at 0.8$ ( +45%)
Objective 2: Next resistance around corresponding to the H&S swing move target at the 2$ zone (+260%)
Objective 3: Next resistance line at 5.7$ ( +900%)
Invalidation
Mental Stop: just below the recent daily swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the daily closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
