First, I used to explain previous price action, and to identify a potential bottom for YOYO.
The initial up-move after the Spring transitioned into a sideways trading channel, which is normal
Price action may have formed an pattern, see below to see an explanation of what that is:
The first time YOYO entered this pattern, it did not have the strength to break out, which is expected since it had only just sprung from the bottom.
After some consolidation, it appears we may again be in an pattern, only this time it's larger, with more .
If we are indeed in this formation, there should be an A,B,C,D,E,F pattern before YOYO makes an ultimate decision to breakout or not
That is where the trouble lies, as no F point has been established yet. This will happen when price once again touches the lower green line.
This is why it may be wise to wait for further price action so that a reasonable entry can be made. I highlighted this area in yellow.
Ultimately, I am very on YOYO, and if this coin doesn't wanna mess around then I believe it could just break out without ever touching back down. But I think it is a less likely scenario, and I'd imagine it would require some heavy .
As always, we shall see how this plays out :)
I believe we may retest the trend line once more, and if we bounce from there we should be in the clear for the next target. If not, have that SL ready!
still wait for a possible retest of the lower trend line. But if this baby breaks 1300 sats I would jump in. But that's just me. **Not trading advice, just analysis**
Price may consolidate a little longer, but I believe decision time is coming soon.
If price does break below the trend line, I would set the stop-loss at 1100. I know this is low, but it is also possible that price triggers your SL, and then breaks out. How would that feel? Risk / Reward ratio is still good, good upwards potential beyond 1500 as well. Don't let yourself get stopped out too early
Now would be a great time to either enter or HODL, as long as you set tight stops!
This trade could just as easily go south as it could make us our money!