BEST TREDER CHAKIBE LAALIOU
When the very same group of levels broke in the past (May 20 2017 and February 03 2020 weekly candles), the price always reached the previous Lower High, which acted as a Resistance. As a result, a solid approach is to buy now on the break-out and target on the medium-term just below the Resistance at $4.50.
Then on the long-term we have to re-evaluate as, even though the Feb 10 2020 1W candle broke above the previous Lower High/ Resistance, it was a fake out and got rejected slightly above it. Of course it has to be said that this was the time of the start of the COVID crash. In any case, a break above the Resistance doesn't guarantee a long-term rally.
Then on the long-term we have to re-evaluate as, even though the Feb 10 2020 1W candle broke above the previous Lower High/ Resistance, it was a fake out and got rejected slightly above it. Of course it has to be said that this was the time of the start of the COVID crash. In any case, a break above the Resistance doesn't guarantee a long-term rally.
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