TOMO correction?

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.

Yorum:

Here is a bigger view on 1D TF

Yorum:

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

İşlem aktif:

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

Yorum:

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

Yorum:

+24% from entry
TP1 done.

İşlem elle kapatılmış:

BTC broke out its falling wedge (channel)