Currently in a bullish upwards channel.
If we break below the channel then there is an area where there's stacked levels of support: volume, multiple fib levels and a daily which should all act as strong support, if that breaks then there is the overall trendline.
If all of those support levels are broken I would still look for a swing failure pattern at the bottom of the range and would accumulate heavily.
Above there is some intraday resistance that is areas of previous high volume and different VWAPS stacked in the same area.
Above that is the daily and top of local range. If the top of this range is broken then there isn't much resistance until the daily by the ATH
In the coming days I will look for signs of strength to confirm the idea that the range will be broken to the upside, such as the key area of support holding.
As we are at the bottom of the upwards channel and close to stacked levels of support, I would look to accumulate at these levels for a likely x2 move in the coming weeks.
If we break below the channel then there is an area where there's stacked levels of support: volume, multiple fib levels and a daily which should all act as strong support, if that breaks then there is the overall trendline.
If all of those support levels are broken I would still look for a swing failure pattern at the bottom of the range and would accumulate heavily.
Above there is some intraday resistance that is areas of previous high volume and different VWAPS stacked in the same area.
Above that is the daily and top of local range. If the top of this range is broken then there isn't much resistance until the daily by the ATH
In the coming days I will look for signs of strength to confirm the idea that the range will be broken to the upside, such as the key area of support holding.
As we are at the bottom of the upwards channel and close to stacked levels of support, I would look to accumulate at these levels for a likely x2 move in the coming weeks.
Trade closed: target reached:
My Idea traded perfectly, we did find a bit of resistance at the intraday level I mapped out, but it held within the upwards channel and mooned to the daily level by ATH. Price then broke down to the key area of support and is now trading within the range. I will post another idea for the coming month.