Sand complete analysis, 2 scenarios
Cập nhật
Hello and welcome back everyone, I hope you guys doing great.
Sand has been very popular lately, so I decided to write a complete analysis for you guys based on technical analysis, few days ago I also gave you guys a trade idea.
with less being said, lets get into it;
https://www.tradingview.com/x/w8pdB98R/
looking at 2h timeframe chart, you can see that price has bounced off of the green trendline 2 times before ( marked with red ) and we are currently on the same level again, now the thing is that, we can also see that volume is not enough right now ( unlike last 2 times ) but if we see some volume here, price might bounce off once again.
On the other hand !
https://www.tradingview.com/x/rUKpjya5/
we have a double top price pattern on chart, as you might already know, double/triple tops are trend reversal patterns that in this case might lead us to a correction, you can also see the orange neck line on the bottom which also gives us a very vital support zone.
now what to do ?!
Well my friends, let me be honest with you, there is literally no one in the world that can tell you exactly what will happen so what you will have to do is to put all these information together and wait for confirmations.
to summarize and explain how to enter different scenarios :
1. The bullish scenario : ( more probable )
https://www.tradingview.com/x/SWD5JLQU/
we have this support zone, marked on chart between 5.7 - 6.2 $, you can DCA here and put your stop loss below the neckline, or also wait for the yellow trend line breakout and confirmation.
2. The bearish scenario :
https://www.tradingview.com/x/HAvqdqje/
by break of the green trendline, we might see a pullback and then a break from the neckline, you can short into it with confirmations on pullback and then break of the neckline, and the target would be 4.6$
please keep in mind, its not a financial advice, you are responsible for your trades, do not enter any trades without risk management,
Let me know if this was helpful and comment below what you think.
also don't forget to follow for more updates.
Sand has been very popular lately, so I decided to write a complete analysis for you guys based on technical analysis, few days ago I also gave you guys a trade idea.
with less being said, lets get into it;
https://www.tradingview.com/x/w8pdB98R/
looking at 2h timeframe chart, you can see that price has bounced off of the green trendline 2 times before ( marked with red ) and we are currently on the same level again, now the thing is that, we can also see that volume is not enough right now ( unlike last 2 times ) but if we see some volume here, price might bounce off once again.
On the other hand !
https://www.tradingview.com/x/rUKpjya5/
we have a double top price pattern on chart, as you might already know, double/triple tops are trend reversal patterns that in this case might lead us to a correction, you can also see the orange neck line on the bottom which also gives us a very vital support zone.
now what to do ?!
Well my friends, let me be honest with you, there is literally no one in the world that can tell you exactly what will happen so what you will have to do is to put all these information together and wait for confirmations.
to summarize and explain how to enter different scenarios :
1. The bullish scenario : ( more probable )
https://www.tradingview.com/x/SWD5JLQU/
we have this support zone, marked on chart between 5.7 - 6.2 $, you can DCA here and put your stop loss below the neckline, or also wait for the yellow trend line breakout and confirmation.
2. The bearish scenario :
https://www.tradingview.com/x/HAvqdqje/
by break of the green trendline, we might see a pullback and then a break from the neckline, you can short into it with confirmations on pullback and then break of the neckline, and the target would be 4.6$
please keep in mind, its not a financial advice, you are responsible for your trades, do not enter any trades without risk management,
Let me know if this was helpful and comment below what you think.
also don't forget to follow for more updates.
Bình luận
probably the first scenario is being played out ;)
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