Todays Analysis – LENDUSDT – Breaching its bear-flag neckline looking for a trend continuation.
Points to consider:
- Support Confluence (higher low)
- Bull-flag (trend continuation)
- 55 EMA (visual guide)
- Increasing Volume
- RSI above 50
- Stochastics overbought
LEND held local support, in confluence with .618 Fibonacci retracement upon retest of the key level, establishing a higher low, further solidifying the importance of the level
S/R flip of the bull flag neckline further establishes a bullish bias in the market.
The 55 EMA will act as dynamic support and a visual guide, assisting in trade management.
An increase in bull volume nodes is present; further influx of volume will be essential for price action follow-through.
RSI has broken above 50 showing increasing strength in the market, ranging above 50 will maintain the bullish bias. Stochastics reaching oversold conditions and may remain there for some time.
Overall, in my opinion, A long trade is validated to the technical target above with risk defined below .618 Fibonacci retracement.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Support Confluence (higher low)
- Bull-flag (trend continuation)
- 55 EMA (visual guide)
- Increasing Volume
- RSI above 50
- Stochastics overbought
LEND held local support, in confluence with .618 Fibonacci retracement upon retest of the key level, establishing a higher low, further solidifying the importance of the level
S/R flip of the bull flag neckline further establishes a bullish bias in the market.
The 55 EMA will act as dynamic support and a visual guide, assisting in trade management.
An increase in bull volume nodes is present; further influx of volume will be essential for price action follow-through.
RSI has broken above 50 showing increasing strength in the market, ranging above 50 will maintain the bullish bias. Stochastics reaching oversold conditions and may remain there for some time.
Overall, in my opinion, A long trade is validated to the technical target above with risk defined below .618 Fibonacci retracement.
What are your thoughts?
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!