Is it too late to buy Telcoin on Thursday?

Telcoin (TEL/USD) has surged by almost 30% since Wednesday. It has finally given a long-awaited breakout, so is it time to buy Telcoin? Let’s take a look at the charts to get a better idea.

  • Telcoin had formed a symmetrical triangle and consolidated within the triangle for over five months.
  • On Thursday, Telcoin broke out of the trendline and was over 20% up during the day.
  • It also gave some great volumes on Thursday which is suggesting that this is a very strong breakout.
  • There is a supply zone at $0.0248 and this could be a point of reversal for Telcoin and it could test the trendline on Friday.
  • A long entry can be taken once a retest is seen as it will avoid investors getting trapped in a false breakout.
  • The first target can be set at $0.033, followed by $0.0397 and then eventually a new all-time high.

Let’s take a closer look at the weekly chart:

  • Telcoin has formed a head and shoulders pattern on Thursday and is expected to test the trendline now aver taking rejection from the supply zone of $0.0249.
  • On Thursday Telcoin has also formed a bearish divergence which is suggesting a reversal.
  • A long entry can be taken when Telcoin retests the trendline at $0.0205.

Conclusion

Telcoin has given a very strong breakout and is looking very promising and should be achieving new highs very soon. Nevertheless, investors should wait for a retest of the trendline in order to avoid being caught in a false breakout.A retest will be coming very soon with signs of reversal on Thursday.

The post Is it too late to buy Telcoin on Thursday? appeared first on Invezz.

Publication date: 
10/14/2021 - 17:39
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.