$PROM Bulls Are Testing A Multi-Year Ceiling: Breakout Or Rejection?
#PROM has delivered an exceptional rally, gaining approximately 845% in just 2 months with very limited meaningful retracement.
After such an aggressive expansion, my focus is no longer on chasing upside, it is on identifying where the current trend could lose momentum.
HTF SUPPLY ZONE: Bearish Order Block: $6.80–$9.37
Price is currently trading inside this HTF supply zone, making rejection a scenario worth watching closely.
RETRACEMENT EXPECTATION:
If rejection develops, I would not be surprised by a 40%–70% retracement from the current highs.
The primary area I would watch on a deeper correction:
Bullish Order Block / Demand: $1.70–$2.10
WHY I’M NOT CHASING:
After an ~845% move, opening a fresh LONG directly into HTF supply creates an unfavorable risk/reward profile.
At these levels:
→ Downside risk can be significant
→ Upside becomes comparatively limited
→ A sharp correction can develop quickly
WHAT WOULD CHANGE MY VIEW?
I want to see one of two confirmations:
→ Clean weekly breakout above the HTF resistance + successful retest
OR
→ Deep retracement into demand + clear bullish reaction
Until then, I prefer to remain patient and protect capital.
The trend can stay irrational longer than expected but that doesn't mean we need to chase it.
#PROM has delivered an exceptional rally, gaining approximately 845% in just 2 months with very limited meaningful retracement.
After such an aggressive expansion, my focus is no longer on chasing upside, it is on identifying where the current trend could lose momentum.
HTF SUPPLY ZONE: Bearish Order Block: $6.80–$9.37
Price is currently trading inside this HTF supply zone, making rejection a scenario worth watching closely.
RETRACEMENT EXPECTATION:
If rejection develops, I would not be surprised by a 40%–70% retracement from the current highs.
The primary area I would watch on a deeper correction:
Bullish Order Block / Demand: $1.70–$2.10
WHY I’M NOT CHASING:
After an ~845% move, opening a fresh LONG directly into HTF supply creates an unfavorable risk/reward profile.
At these levels:
→ Downside risk can be significant
→ Upside becomes comparatively limited
→ A sharp correction can develop quickly
WHAT WOULD CHANGE MY VIEW?
I want to see one of two confirmations:
→ Clean weekly breakout above the HTF resistance + successful retest
OR
→ Deep retracement into demand + clear bullish reaction
Until then, I prefer to remain patient and protect capital.
The trend can stay irrational longer than expected but that doesn't mean we need to chase it.
