$SAND 24-hour gain of 15.5%: This candle is strong, but chasing it may not be worth it
If you want to chase this surge, the bullish case depends on the price holding on a pullback. The candle that just closed only edged past the previous range high, but the latest quote has already moved well beyond it. Chasing now would mean buying far from the breakout point.
Don’t rush in. Next, watch the candle close after a retest of the breakout point: if it holds above, the bullish case has a foothold; if it closes back inside the range, stay out for now. Don’t mistake a breakout for a confirmed hold.
Price needs to reclaim 0.06169 first and hold it on a retest for this long setup to be valid. The breakout should also come with a clear increase in volume, with a volume ratio of at least 1.2.
If trading volume doesn’t pick up, even a move to 0.06169 could easily be a false move. Stop-loss: 0.0595611. If the move gains traction, the first target is 0.0659479.
#ShortTermWatch
If you want to chase this surge, the bullish case depends on the price holding on a pullback. The candle that just closed only edged past the previous range high, but the latest quote has already moved well beyond it. Chasing now would mean buying far from the breakout point.
Don’t rush in. Next, watch the candle close after a retest of the breakout point: if it holds above, the bullish case has a foothold; if it closes back inside the range, stay out for now. Don’t mistake a breakout for a confirmed hold.
Price needs to reclaim 0.06169 first and hold it on a retest for this long setup to be valid. The breakout should also come with a clear increase in volume, with a volume ratio of at least 1.2.
If trading volume doesn’t pick up, even a move to 0.06169 could easily be a false move. Stop-loss: 0.0595611. If the move gains traction, the first target is 0.0659479.
#ShortTermWatch