"Navigating the Waves: The NTRN/USDT Pair's Next Market Move"
NTRNUSDT
takes the spotlight. Our latest charts reveal a dance of demand and resistance between the magenta trendlines, signaling a potential pivot point from where we are. With trendlines converging, NTRN’s voyage may soon turn in our favour a swell. The analysis is captured at a significant juncture, suggesting a potential strategic entry point guided by various technical indicators cited below:
As always, it's recommended to use appropriate position sizing and risk management techniques to mitigate potential losses. Medium-level traders should monitor the trade closely for any changes in the technical indicators or market conditions that might impact the trade's outcome.
I will keep posting updates on the trade if successful or not.
- Trendlines (Magenta): Two diverging trendlines are drawn, indicating a formation that resembles a symmetrical expanding triangle pattern, which typically represents a period of consolidation before a breakout either upwards or downwards. The price has already reached the lower trendline and bounced off, suggesting a good entry point for a small long trade within the symmetrical expanding triangle.
- Fibonacci Retracement Levels: The price action has recently retraced from a high, with the Fibonacci levels plotted from approximately the swing low to swing high (taking trendlines in consideration) indicating potential areas of support and resistance. I am expecting to take my profit around the golden ratio 0.618 which should be a 200% TPR.
- RSI (Relative Strength Index): The RSI is showing a reading above the oversold territory but is not in the overbought zone, suggesting that there is room for the price to rise before becoming overextended.
- EMA200: The price is currently above the EMA200 in the 12H TF indicating a bullish sentiment as well and only LONGs are allowed for now.
As always, it's recommended to use appropriate position sizing and risk management techniques to mitigate potential losses. Medium-level traders should monitor the trade closely for any changes in the technical indicators or market conditions that might impact the trade's outcome.
I will keep posting updates on the trade if successful or not.
Trade closed manually:
Trade closed as it didn't hit our TP by milimeters and it retraced back. Why i closed it because it did a breakout from a bearish flag pattern and decided to take the 100% profit before it dips more.