SKLUSDT → Pending distribution after resistance breakout

18 Nov 2023

SKLUSDT makes an attempt to break through resistance and start the phase of realization of accumulated potential. To put it simply - the market is preparing for the beginning of distribution on the background of strengthening of the cryptocurrency market and the appearance of a group of setups on the SKL chart.

Moving averages (MA200 + MA50) indicate the formation of consolidation and the beginning of a reversal trend, in the near future the indicator may confirm the bullish intent in the market.
The price after the retest of the bottom at 0.0197 forms a rebound and on the next retest breaks the resistance of the key range: 0.0295 and tests the next important level: 0.0335. At the moment we see consolidation formation in the key area.

The price may test the support before further growth. The signal for the continuation of growth or the beginning of distribution will be the consolidation of the price above 0.0295 with the subsequent breakthrough of 0.0335.
The market is clearly growing volumes, but so far the resistance area is holding back the cryptocurrency pair.

Support levels: 0.0295, 0.0235
Resistance levels: triangle boundary, 0.0335

I expect consolidation above the support at 0.0295 followed by a retest of 0.0335 and a breakout of this level to start a bullish rally. Targets: 0.0453, 0.0543

TOTAL BTCUSD

Regards R. Linda!

21 Nov 2023

Trading ditutup: target tercapai