PORTAL heavy accumulation!
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The daily chart of PORTALUSDT on Binance exhibits a classic rounding bottom formation, which is typically a bullish reversal pattern.
Observations:
Rounding Bottom:
The price action from mid-March to early June clearly depicts a rounded bottom pattern.
This formation suggests a gradual transition from a downtrend to an uptrend, indicating a potential bullish reversal.
Support and Resistance:
Strong Support: The price has established a strong support level around $0.80, characterized by high trading activity.
Strong Resistance: There is a notable resistance zone around $1.00, associated with negative sentiment. Breaking through this level is crucial for confirming the bullish reversal.
Volume Analysis:
An increase in trading volume is observed during the formation of the rounding bottom, which is a positive sign of accumulation.
Watch for a volume surge if the price approaches and attempts to break the resistance zone at $1.00.
Indicators:
The Relative Strength Index (RSI) is currently at 58.46, indicating moderate bullish momentum.
The RSI has been on an upward trajectory, supporting the potential for continued upward movement.
Strategy:
Entry Point: Consider entering a long position if the price breaks above the $1.00 resistance level with a significant increase in volume, confirming the rounding bottom pattern.
Stop Loss: Place a stop loss below the strong support level at $0.80 to manage risk.
Target: The potential target can be estimated by the height of the pattern, suggesting a target around $1.60 - $1.80, which corresponds with previous resistance levels from March.
Conclusion:
The chart shows promising signs of a bullish reversal with the rounding bottom formation. Traders should monitor the price action closely for a breakout above $1.00 with increased volume to confirm the pattern. Proper risk management should be employed by observing the support and resistance levels.
Observations:
Rounding Bottom:
The price action from mid-March to early June clearly depicts a rounded bottom pattern.
This formation suggests a gradual transition from a downtrend to an uptrend, indicating a potential bullish reversal.
Support and Resistance:
Strong Support: The price has established a strong support level around $0.80, characterized by high trading activity.
Strong Resistance: There is a notable resistance zone around $1.00, associated with negative sentiment. Breaking through this level is crucial for confirming the bullish reversal.
Volume Analysis:
An increase in trading volume is observed during the formation of the rounding bottom, which is a positive sign of accumulation.
Watch for a volume surge if the price approaches and attempts to break the resistance zone at $1.00.
Indicators:
The Relative Strength Index (RSI) is currently at 58.46, indicating moderate bullish momentum.
The RSI has been on an upward trajectory, supporting the potential for continued upward movement.
Strategy:
Entry Point: Consider entering a long position if the price breaks above the $1.00 resistance level with a significant increase in volume, confirming the rounding bottom pattern.
Stop Loss: Place a stop loss below the strong support level at $0.80 to manage risk.
Target: The potential target can be estimated by the height of the pattern, suggesting a target around $1.60 - $1.80, which corresponds with previous resistance levels from March.
Conclusion:
The chart shows promising signs of a bullish reversal with the rounding bottom formation. Traders should monitor the price action closely for a breakout above $1.00 with increased volume to confirm the pattern. Proper risk management should be employed by observing the support and resistance levels.
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Scaling out 1/3 of the position here at 28% gain.
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