So we discussed the possibility of a W pattern formed on that 57$ retest. As of now we got it ! One thing to watch closely thou is this 60$-60.40 level.
Although this idea I have is potentially a nasty breakout trade, we do have to be carful Becuase we have 2 lower highs in place and a flat bottom at 57$
So technically this can be a bearish pattern. If we break and hold above 60,50 as support this can rip up
The previous high of this pattern is also a reistance to watch
I am in king at 57$ as we discussed taking it… but I am going to add some shorts in at 60$ area as a hedge against my long calls…. If coin rejects and fails and comes back towards 57 this could breakdown so we are at out of the woods yet!!!
It is super interesting that it is sooo simalr to the C3 ai chart almost identical and if you look and see what C3 ai did after this smal exact setup we can see what coin can do also. Howver just Becuase it looks the same doesn’t mean it has to react the same way. Just keep in mind 60.40-35 will be a big level as well as 61.35. If we break and hold 61.35 this could be setting up as a neckline of the W pattern we are all playing off 57$.
Good luck I hope we all win big but I am right now being cautious
So I’m staying neutral as we reach 60.35 and 61.35
Although this idea I have is potentially a nasty breakout trade, we do have to be carful Becuase we have 2 lower highs in place and a flat bottom at 57$
So technically this can be a bearish pattern. If we break and hold above 60,50 as support this can rip up
The previous high of this pattern is also a reistance to watch
I am in king at 57$ as we discussed taking it… but I am going to add some shorts in at 60$ area as a hedge against my long calls…. If coin rejects and fails and comes back towards 57 this could breakdown so we are at out of the woods yet!!!
It is super interesting that it is sooo simalr to the C3 ai chart almost identical and if you look and see what C3 ai did after this smal exact setup we can see what coin can do also. Howver just Becuase it looks the same doesn’t mean it has to react the same way. Just keep in mind 60.40-35 will be a big level as well as 61.35. If we break and hold 61.35 this could be setting up as a neckline of the W pattern we are all playing off 57$.
Good luck I hope we all win big but I am right now being cautious
So I’m staying neutral as we reach 60.35 and 61.35