1INCHUSDT short-term short, long-term long!
In my last analysis we saw 1INCH holding the designated key level (see previous analysis) with ease, with a single wick going through the 1.56 area that got quickly bought up. So far the upward price channel that we defined early on has been respected with major pullbacks mainly caused by BTCs pullbacks (like many alts).Overall, 1INCH has held strong.
If BTC doesn't do any crazy moves, it's likely we'll see price consolidate on the 2.11 resistance (now support area) and follow the green scenario where we may possibly see an upward breakout from the price channel. Personally I have my eyes set on around 3.00 for TP as this is a psychological resistance level, but set goals according your own trading plan.
If the 2.11 doesn't hold or BTC retraces to lower levels, it's likely 1INCH follows the red scenario with the price level going to the 1.76 support area (possibly dipping down the price channel). If the 2.11 support breaks, you could consider a short position with a tight stop loss for a potential ±16% profit depending on your trading strategy, however I do need to remind you that shorting in a bullish trend is considered very risky, so stop losses are essential to preserve your profits. The 1.76 support is also a good area to accumulate additional tokens.
If the 1.76 support breaks, it is likely it will retrace to the 1.58 support area, if that is case, the chart is invalidated.
Trade safely.
If BTC doesn't do any crazy moves, it's likely we'll see price consolidate on the 2.11 resistance (now support area) and follow the green scenario where we may possibly see an upward breakout from the price channel. Personally I have my eyes set on around 3.00 for TP as this is a psychological resistance level, but set goals according your own trading plan.
If the 2.11 doesn't hold or BTC retraces to lower levels, it's likely 1INCH follows the red scenario with the price level going to the 1.76 support area (possibly dipping down the price channel). If the 2.11 support breaks, you could consider a short position with a tight stop loss for a potential ±16% profit depending on your trading strategy, however I do need to remind you that shorting in a bullish trend is considered very risky, so stop losses are essential to preserve your profits. The 1.76 support is also a good area to accumulate additional tokens.
If the 1.76 support breaks, it is likely it will retrace to the 1.58 support area, if that is case, the chart is invalidated.
Trade safely.
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