Analysis: Whoever has been filling their bag, it must be as large as Santas... Weak hands are folding. We see an opportunity to go long on the current support.
Entry Point: We are waiting to see if price will continue to drop and retest the lower support. If support at 320 holds we will go long, if not we will check again on the next support area around 270
Take Profit: The green lines represent target take profit levels. We suggest cashing out 20% at T1, 40% T2, 40% T3 (or sell 20% and let 20% ride if it still looks bullish ).
Another way to consider looking at my take profit levels. First target is shorter term, 2 and 3 are mid term, and 4+ are longer term. If you want a quick trade, dont expect to hit T4, just close it all on T1.
Stop Loss: If we enter @ 320...Stop Loss suggested at ~270, which is below the liquidity pool and established local support levels.
Upon completion of T1 move stop loss to 600ish to secure a risk free trade. Additionally continue moving stop loss up by one target each time a new target it reached. i.e. when T2 is reached, move stoploss to T1 level.
This way you can ride out dips with no anxiety and automatically exit the trade in profit should you not be around to monitor!