SALT: about to breakout, or Na?
SALT looks primed to breakout of a textbook 1 month right angle consolidation triangle, with large upside potential. RSI divergence evident over previous week, with cup and handle pattern evident over 4 month time frame.
During its consolidation, the price has been ranging between FIB levels (61.6%, 50.0%, 38.2%, 28.3%) which coincide with key support/resistance levels observed looking back. Expecting the uptrend to be tested at these points, particularly the 50% FIB (0.000922 BTC), the 61.8% FIB (0.001001 BTC) and the 100% FIB (0.001238 BTC).
Aiming to wait for confirmation of breakout before taking a long position at c. 0.0007 BTC, with potential 40%-70% gains over a short to medium term time frame. If the 100% FIB / resistance line is broken, the upside could be much higher.
You shouldn't take this analysis as investment advice; it would be good to hear your thoughts!
During its consolidation, the price has been ranging between FIB levels (61.6%, 50.0%, 38.2%, 28.3%) which coincide with key support/resistance levels observed looking back. Expecting the uptrend to be tested at these points, particularly the 50% FIB (0.000922 BTC), the 61.8% FIB (0.001001 BTC) and the 100% FIB (0.001238 BTC).
Aiming to wait for confirmation of breakout before taking a long position at c. 0.0007 BTC, with potential 40%-70% gains over a short to medium term time frame. If the 100% FIB / resistance line is broken, the upside could be much higher.
You shouldn't take this analysis as investment advice; it would be good to hear your thoughts!
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