ethereum:0xaea46a60368a7bd060eec7df8cba43b7ef41ad85 just broke out of its 21-month bearish channel after it printed a weekly bullish RSI divergence.
Right now, it is above the Daily and below the weekly 50/200 EMA’s.
It missed the confluence bottom fib area, which reinforced the Macro leading diagonal scenario.
The bottom White support is now a contracting channel in relation to the upper white resistance - a condition in a contracting diagonal.
In this case, FET would be in the final Wave 5 of a Macro leading diagonal this cycle, where we would be looking for a 3-wave ABC move up.
The diagonal target is the White box, because Wave 5 has to end above Wave 3, but can not be longer than Wave 3 (top of the box is the length of wave 3).
This diagonal is invalidated if FET goes below the bottom red box line, because Wave 4 would be longer than Wave 2 in this case.
Do you think FET reaches the upper White box target this bull run?
@RAFAELA_RIGO_ What would your profit-taking plan look like for a coin with 50x–100x potential? For instance, if you bought INJ at $3 and had a target of $90, how would you go about taking profits in stages? Please offer some suggestions for a beginner like me.