1INCH - potential bull flag forming
1INCH may want to cool down for a bit after the recent 100% jump. But it is worth noting it is approaching both the 50MA on the 1H, which is roughly confluent with the 20MA on the 4H, and an area of resistance turned support in the 4.5-4.7 range.
It is doing this while forming a bull flag (or possible falling wedge) either way we want to see it move up above 5.4 range. It is possible it finds some support here and attempts to continue up
If you buy, buy on the breakout, because it could just keep on falling.
Lots of fear in the market and this will increase the risk of this trade
But 1INCH is also one of the only coins making money at the moment, so not a bad one to watch
Next support is the 3.8-4 range
It is doing this while forming a bull flag (or possible falling wedge) either way we want to see it move up above 5.4 range. It is possible it finds some support here and attempts to continue up
If you buy, buy on the breakout, because it could just keep on falling.
Lots of fear in the market and this will increase the risk of this trade
But 1INCH is also one of the only coins making money at the moment, so not a bad one to watch
Next support is the 3.8-4 range
Be careful of this (possible) larger channel trend forming, which may produce a rejection is we break above 5.4 range. Will want price to clear both