WOO buy zone
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Diagonal support is a clear area to take longs with short stops just below. Although if bitcoin nukes we could see the price wick below support.
*WOO/USDt*
We've the formation of a nice inverse head and shoulders on the longer time frame. Just waiting for the possible formation of the right shoulder and to stay above the support below (up trend intact).
Taking longs at the support will minimise risk/reward. Looking for a breakout and retest. And to play this support line until invalidation.
*WOO/BTC*
Well above the ichimoku cloud on the 12 hour timeframe, and the presence of a strong up trend. Caution though to be had as the trend is close to invalidation with the lagging strand nearly meeting price action, and the diagonal support here easily invalidated.
*Conclusion*
For a decent trade here we would want to see some consolidation, and possible contact with the underside diagonal support. We would then want to see price action and the lagging strand above the ichimoku cloud on the 1 hour time frame for both the USDT and BTC pairing. At this point we can let the price run and test the overhead horizontal resistance.
++ Also looking to play the re-entry retest of the breakout, or to keep it simple, wait for this to happen.
*WOO/USDt*
We've the formation of a nice inverse head and shoulders on the longer time frame. Just waiting for the possible formation of the right shoulder and to stay above the support below (up trend intact).
Taking longs at the support will minimise risk/reward. Looking for a breakout and retest. And to play this support line until invalidation.
*WOO/BTC*
Well above the ichimoku cloud on the 12 hour timeframe, and the presence of a strong up trend. Caution though to be had as the trend is close to invalidation with the lagging strand nearly meeting price action, and the diagonal support here easily invalidated.
*Conclusion*
For a decent trade here we would want to see some consolidation, and possible contact with the underside diagonal support. We would then want to see price action and the lagging strand above the ichimoku cloud on the 1 hour time frame for both the USDT and BTC pairing. At this point we can let the price run and test the overhead horizontal resistance.
++ Also looking to play the re-entry retest of the breakout, or to keep it simple, wait for this to happen.
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