Hello beginner trader here looking to polish up my TA skills early on. Got quite a lot to talk about here so strap in.- also please leave feedback on how I can improve this, also does anyone know any good indicators I could use for this sort of TA? thanks.
Basically the idea is a buy. The orange line represents the '2021 trend line' because it has been hit perfectly thrice since 2021.
The fibonacci has been drawn from the current all time high to the first touch of the 2021 trend line (21st Jan). The second trend line hit on the 1st March validates our fibonacci drawing as it also hit fib level 0.500 perfectly as well as previous rejections and retests of other fib levels.
The trend line was recently hit on the 23rd March (accurate hit on fib level 0.786) however price doesn't seem to have bounced off it as strongly as it has done in the past suggesting that the bullish flag will continue until the trend line is retested again. If this happens we can expect a strong breakout move, buy zone 1 indicates the ideal entry if this move happens. If we enter here we would set our SL just below fib level .786 and hope for the best. Suggested TP levels: 60k, 65K and 76K - it could be wise to take profit just below these levels as they're psychological levels which can see rejection due to sell orders placed there.
It is very possible that price will not retest the 2021 trend line and break the resistance zone as we have recently seen a double bottom in the flag. If resistance is broken, we can enter a buy here with the same TP levels but breaking even earlier on would be wise as price moves unpredictably when creating all time highs. Buy zone 2 is the ideal place to enter a buy if this is the case. If we buy here we could put our SL just below fib level 1.000 with the same take profit levels as the first trade idea.
Of course this is all hypothetical and I might have just wasted 30 minutes of my day. Either way we're going to see a breakout move so be ready. If it breaks out downward, expect a retest of the 2021 trend line and the fib levels could be used as TP's.
I'm genuinely impressed if you got this far and you're still reading this because I'm just waffling at this point so here's some text art of Obama:
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:)
Vince / Vmoney
Basically the idea is a buy. The orange line represents the '2021 trend line' because it has been hit perfectly thrice since 2021.
The fibonacci has been drawn from the current all time high to the first touch of the 2021 trend line (21st Jan). The second trend line hit on the 1st March validates our fibonacci drawing as it also hit fib level 0.500 perfectly as well as previous rejections and retests of other fib levels.
The trend line was recently hit on the 23rd March (accurate hit on fib level 0.786) however price doesn't seem to have bounced off it as strongly as it has done in the past suggesting that the bullish flag will continue until the trend line is retested again. If this happens we can expect a strong breakout move, buy zone 1 indicates the ideal entry if this move happens. If we enter here we would set our SL just below fib level .786 and hope for the best. Suggested TP levels: 60k, 65K and 76K - it could be wise to take profit just below these levels as they're psychological levels which can see rejection due to sell orders placed there.
It is very possible that price will not retest the 2021 trend line and break the resistance zone as we have recently seen a double bottom in the flag. If resistance is broken, we can enter a buy here with the same TP levels but breaking even earlier on would be wise as price moves unpredictably when creating all time highs. Buy zone 2 is the ideal place to enter a buy if this is the case. If we buy here we could put our SL just below fib level 1.000 with the same take profit levels as the first trade idea.
Of course this is all hypothetical and I might have just wasted 30 minutes of my day. Either way we're going to see a breakout move so be ready. If it breaks out downward, expect a retest of the 2021 trend line and the fib levels could be used as TP's.
I'm genuinely impressed if you got this far and you're still reading this because I'm just waffling at this point so here's some text art of Obama:
░░█▀░░░░░░░░░░░▀▀███████░░░░
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:)
Vince / Vmoney