TOMO correction?

١٣ يونيو ٢٠٢٣

TOMO is among the cryptos that has performed very well this year, with 600% up. The trendline (in 1D TF) since March 2023 still holds.

However, TOMO has shown some signs of weakness when its price has been rejected by the local high around $1.7

I see that a distribution (following Wyckoff method) is possible on going.

As a reason, a proposed set-up is as in chart.

This crypto is highly volatile and the whole market is as well. Take care and don't forget risk management.

١٣ يونيو ٢٠٢٣

ملاحظة

Here is a bigger view on 1D TF

١٥ يونيو ٢٠٢٣

ملاحظة

I closed this trade. TOMO didn't get weak as expected.
BTC is a important support and bouncing.

١٧ يونيو ٢٠٢٣

تم فتح الصفقة

Trade reactivated at the same entry.
BTC retested the EMA50D (26800) and still consolidates below this strong support.

١٨ يونيو ٢٠٢٣

ملاحظة

TOMO has been down 14% since entry. The trendline (1D) was broken. Here below are references (based on Fibonacci) for taking profit.

٢٠ يونيو ٢٠٢٣

ملاحظة

+24% from entry
TP1 done.

٢٠ يونيو ٢٠٢٣

تم إغلاق الصفقة يدويًا

BTC broke out its falling wedge (channel)