AKTUSD How to trade a potential break-out or pull-back.

22 sie 2023

The Akash Network (AKTUSD) has been trading within a Channel Up pattern since the February High and the current consolidation and struggle to break above its Higher Highs trend-line, prompts us to consider this as a higher probability of being a top.

In addition, the 1W RSI (chart on the right), is vastly overbought above 80.00, hence more likely to need a corrective wave to harmonize this inflated momentum. As a result, we will buy again only after contact with the 1D MA50 (blue trend-line), on the condition that at the time of the contact the 1D RSI is at least at 40.00.

If the price closes a 1W candle above the 0.618 Fibonacci retracement level though, we will buy the break-out regardless. In both cases our target is 2.800 (0.786 Fibonacci level and just below Resistance 1).

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