TOMO correction?

13 Haz 2023

TOMO is among the cryptos that has performed very well this year, with 600% up. The trendline (in 1D TF) since March 2023 still holds.

However, TOMO has shown some signs of weakness when its price has been rejected by the local high around $1.7

I see that a distribution (following Wyckoff method) is possible on going.

As a reason, a proposed set-up is as in chart.

This crypto is highly volatile and the whole market is as well. Take care and don't forget risk management.

13 Haz 2023

Not

Here is a bigger view on 1D TF

15 Haz 2023

Not

I closed this trade. TOMO didn't get weak as expected.
BTC is a important support and bouncing.

17 Haz 2023

İşlem aktif

Trade reactivated at the same entry.
BTC retested the EMA50D (26800) and still consolidates below this strong support.

18 Haz 2023

Not

TOMO has been down 14% since entry. The trendline (1D) was broken. Here below are references (based on Fibonacci) for taking profit.

20 Haz 2023

Not

+24% from entry
TP1 done.

20 Haz 2023

İşlem elle kapatılmış

BTC broke out its falling wedge (channel)