ARPA Chain - 3500% move to $2

On the above weekly chart price action has corrected 80% since late 2021. A number of reasons now exist to be long, including:

1) Price action and RSI resistance breakouts.

2) Price action confirms support on past resistance.

3) Trend reversal. The first higher high / higher low has printed since 2021.

4) A pennant formation with confirmed breakout. A reliable chart pattern with predictable targets. The Flagpole (blue line) is used to measure the target ($2) from the breakout point. Very similar to the attached MATIC idea @ 1 cent.

Is it possible price action corrects further? Sure.
is it probable? No.

Ww

Type: trade
Risk: <6%
Timeframe for long: This month
Return: 3500%

交易進行

GRM support confirmed + support on past resistance, all on the weekly chart.

註釋

Past resistance confirms support.

交易進行

註釋

Price action must exit the downward channel following the fake out for this idea to remain valid.

8 day

There is a good probability an uptick in price action is seen over the coming days. Watch the next week or two closely for confirmation.

15hr

手動結束交易

Going to close this one for the time being. The weekly falling volume on the flag backtest is not what you want to see.
Furthermore candle bodies are required to print on the GRM (yellow dotted line) for price action to remain bullish. At the moment price action descends and tests as resistance.

There are better options in the market right now.