ARKM Potential Pullback to Support Zone Before Resuming Uptrend
The ARKM/USDT chart suggests a potential pullback toward a key support zone, following recent price rejection near the upper Bollinger Band. This analysis focuses on the consolidation phase and potential trend continuation.
Key Observations:
Trendline Support: The green upward-sloping trendline has acted as consistent support, aligning with the overall bullish structure.
Support Zone: A potential pullback to the highlighted support range (around 1.95–2.00) could offer an excellent buy opportunity.
Bollinger Band Analysis: The price rejection from the upper Bollinger Band indicates temporary selling pressure, likely pushing the price toward the middle band or support zone.
Trade Plan:
Entry Strategy:
Consider entering long positions within the 1.95–2.00 support zone.
Wait for bullish reversal candlesticks (e.g., hammer, bullish engulfing) to confirm a rebound.
Stop Loss:
Place a stop loss below 1.90, accounting for possible wicks.
Take Profit Levels:
First Target: 2.20 (previous resistance level).
Second Target: 2.30–2.35 (upper Bollinger Band and breakout zone).
This setup assumes the continuation of the bullish trend. Monitor volume for validation of the reversal and adjust risk accordingly.
Key Observations:
Trendline Support: The green upward-sloping trendline has acted as consistent support, aligning with the overall bullish structure.
Support Zone: A potential pullback to the highlighted support range (around 1.95–2.00) could offer an excellent buy opportunity.
Bollinger Band Analysis: The price rejection from the upper Bollinger Band indicates temporary selling pressure, likely pushing the price toward the middle band or support zone.
Trade Plan:
Entry Strategy:
Consider entering long positions within the 1.95–2.00 support zone.
Wait for bullish reversal candlesticks (e.g., hammer, bullish engulfing) to confirm a rebound.
Stop Loss:
Place a stop loss below 1.90, accounting for possible wicks.
Take Profit Levels:
First Target: 2.20 (previous resistance level).
Second Target: 2.30–2.35 (upper Bollinger Band and breakout zone).
This setup assumes the continuation of the bullish trend. Monitor volume for validation of the reversal and adjust risk accordingly.
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