The Sandbox after the Bears did their best for a few days last weekend. Have the bulls managed to bring the price up quite a bit.
A price increase of 100% in 2 days. Of course, this also means that the market has to take a breather.
So we see on the 2 hour chart that the price reached a low of $2.30 last weekend after which a so-called Scallop (which looks like a half umbrella) appeared and gave the price an explosive upward run. Now we are in a pennant and I have mapped out various target targets based on the flagstick. Since the "scallop" causes an interruption in the flagstick on the 2H but on the day can be regarded as 1 whole stick, I will include this long version in a series of target points/targets. You can project the flagstick as a price target, and if you take a little more certainty about that, you measure it from the bottom pennant and with a little more risk at the top, with the idea that the measurement from the bottom can achieve its goal sooner. In addition to the long stick, I also measured the stick from the "scallop" and plotted it in the target point series. So you can say that from T1 to T5 the chance of success gets smaller and smaller.
Not to forget to always keep the bears in mind. Because if the price breaks out, I will first look at the $3.40 as support, but also take into account a return to the golden pocket region that will soon move towards the psychological 3 dollar.
Keep calm, trade safe and manage your risk.
(Disclaimer: This is not financial advice)
A price increase of 100% in 2 days. Of course, this also means that the market has to take a breather.
So we see on the 2 hour chart that the price reached a low of $2.30 last weekend after which a so-called Scallop (which looks like a half umbrella) appeared and gave the price an explosive upward run. Now we are in a pennant and I have mapped out various target targets based on the flagstick. Since the "scallop" causes an interruption in the flagstick on the 2H but on the day can be regarded as 1 whole stick, I will include this long version in a series of target points/targets. You can project the flagstick as a price target, and if you take a little more certainty about that, you measure it from the bottom pennant and with a little more risk at the top, with the idea that the measurement from the bottom can achieve its goal sooner. In addition to the long stick, I also measured the stick from the "scallop" and plotted it in the target point series. So you can say that from T1 to T5 the chance of success gets smaller and smaller.
Not to forget to always keep the bears in mind. Because if the price breaks out, I will first look at the $3.40 as support, but also take into account a return to the golden pocket region that will soon move towards the psychological 3 dollar.
Keep calm, trade safe and manage your risk.
(Disclaimer: This is not financial advice)
Tims.Technische.Analyse by TIMTIBBO