HOTUSDT trade ideas
HOTUSDT is testing the resistanceThe price created a triple bottom on the weekly structure and now the price is trying to create a breakout from the daily resistance from 0.0024.
If you look on the left you can see that this level is very important for the market, the price got several rejections
How to approach it?
IF the price is going to have a breakout and retest the resistance as new support, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
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Follow the Shrimp 🦐
HOTUSDT Buy levels and targetsHolo (HOTUSDT) is on a strong 1D green candle, being on Higher Highs and Higher Lows since the July 13 Low. The 1D MA50 (blue trend-line) is now supporting and the 1D MA200 (orange trend-line) is the short-term target. After that, we need a clear break above the 0.5 Fibonacci retracement level to confirm the long-term trend shift from bearish to bullish. As a result buy either upon a 1D MA50 pull-back or a 0.5 Fib break-out. Notice that on the previous Lower High of the November 2021 Channel Down, the price got rejected near the 0.5 Fib.
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HOT/USDTThis is the futures contract pairing on HOT/USDT
R1 as you can see at roughly 0.008 (50% profit) and R2 (170% profit) which is at 0.014
The overall weekly chart is printing a descending triangle which could result in a bullish breakout. The stop loss position for this should be maintained at 0.004 because that means the bullish pattern is invalidated and there is more downside to go
With every position you take, you MUST learn to use a stop loss
HOTUSDT SellAll the required trading rules are on the chart. We are waiting for the price to retest a prior zone of interest. If the price fails to make a new higher high and a new higher low and we see the price return and close below 62% Fibonacci we will place a sell order. Until the rules are fulfilled, we don't trade.
TIME FOR HOT BREAKOUT? Signal shows possiblityIf we check Hot, then there is a possibility that it can get a new breakout.
This all-around the Techincal analysis
There is no guarantee in any market that a breakout will happen - make only study depending on your choice.
This is not a long-term expectation, but more take profit trade.