Is it too late to buy Telcoin on Thursday?

By: Ansh Rathod
Ansh Rathod
Ansh is a tech geek and loves to stay up to date with all the different innovations in the… read more.
on Oct 14, 2021
  • On Thursday, Telcoin broke out of the trendline and was over 20% up during the day.
  • A long entry can be taken when Telcoin retests the trendline at $0.0205.
  • On Thursday Telcoin has also formed a bearish divergence which is suggesting a reversal.

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

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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.

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