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TOMO correction?

1 400

TOMO is among the cryptos that has performed very well this year, with 600% up. The trendline (in 1D TF) since March 2023 still holds.

However, TOMO has shown some signs of weakness when its price has been rejected by the local high around $1.7

I see that a distribution (following Wyckoff method) is possible on going.

As a reason, a proposed set-up is as in chart.

This crypto is highly volatile and the whole market is as well. Take care and don't forget risk management.





Nota
Here is a bigger view on 1D TF
syot kilat
Nota
I closed this trade. TOMO didn't get weak as expected.
BTC is a important support and bouncing.
Dagangan aktif
Trade reactivated at the same entry.
BTC retested the EMA50D (26800) and still consolidates below this strong support.
Nota
TOMO has been down 14% since entry. The trendline (1D) was broken. Here below are references (based on Fibonacci) for taking profit.
syot kilat
Nota
+24% from entry
TP1 done.

syot kilat
Dagangan ditutup secara manual
BTC broke out its falling wedge (channel)
evasivesteering
Juga pada:
Support and ResistanceTrend Lines

Penerbitan berkaitan

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Support and ResistanceTrend Lines
evasivesteering
Juga pada:

Penerbitan berkaitan

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.