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Trading Pattern Detected

Hi Riders, today I present a trading pattern that focuses on identifying a resistance line in weekly charts. This pattern has already occurred in Bitcoin, and we will be focusing on coins that have not yet broken their resistance or have just broken it.


I shared this on discord a few weeks ago and had been very succesful so far.


A. Here is the pattern we want to identify, Bitcoin already completed it.


  1. Dump After FTX collapse

  2. Draw resistance line right before FTX collapse

  3. When Price breaks resistance line coin pumps.

  4. Sometimes there is a test of the trendline to turn into support.



B. Here are examples of coins that already pumped following bitcoin (there are plenty examples)


$MANA : In this case you can clearly see how price broke above line and turned it into support before pumping.

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----------------------- $SYS : Same than mana , broke resistance, test it as support and pump


C. Here are examples of coins that just broke resistance line or are very close to do so.

-If price is below resistance look on lower timeframes for a long opportunity targeting the resistance line.

-If price is right at resistance wait to see what happens or look on the 1D chart for short opportunities with SL right above line or set alert for a breakout.

-If price broke resistance , try to enter when there is a support test of the line, or you could try to catch it when it just broke out.


Remember this is a 1W timeframe, so be VERY careful with leverage, only use it if you catch price right at the line, otherwise go for spot positions.


$NEAR: set alarm

$MOVR (looks exactly like GLMR and DOT): spot position, wait for weekly candle close.

$EGLD: wait for retest of spot position.


$CELO: wait for retest of spot position.


$AVAX: spot position, or limit orders right at support line.


$ATOM: set alarm


$ADA: watch closely, set alarm. Look for short signals on the 1D if resistance line holds.


$BAT: watch closely, set alarm. Look for short signals on the 1D if resistance line holds.



Finally, here is a list of coins that had not broken resistance line or are very close:


And here is a list of coins that already broke resistance but are still close to it (potential spot/long positions)



Thank you for reading and I hope this trading pattern helps you in your trading journey. Happy trading!


TR



DISCLAIMER Trend Rider and Rider Algo are not registered as financial advisors. This site & the products & services Trend Riders offers are for educational purposes only and should not be construed as financial advice. You must be aware of the risks and be willing to bear any level of risk to invest in financial markets. Past performance is not necessarily indicative of future results. Trend Riders and all individuals associated assume no responsibility for your trading results or investments.

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