You also have to know how to check for correlation in various coins to have a clue on the direction of the trend in a particular timeframe. Such is the like of this $flokiusdt and $fetusdt but it doesn't stop here, there is more and I'll be showing them to you one after the other.
Presently $FLOKI is at the end of second phase of what I call EXPANSION, while some might call it WYCKOFF DISTRIBUTION, similar to the $ENSUSDT price action https://www.tradingview.com/chart/ENSUSDT/kzsQqLTk-ETHEREUM-NAME-SERVICE-BLUEPRINT/
Meanwhile, for the CLASSICAL ANALYST, you can get your confluence from the CHART PATTERN you're looking for which in this case is an INVERSE HEAD & SHOULDER
So what is the point exactly? the point is $flokiusdt is still bullish short to mid term but I must warn you, do not be like the SHEEP FLOCK (moon-boys) that herd for slaughter by setting ridiculous target because as usual, at the new expected high they will be singing their chorus again "too the moon" but that is the area ($0.0004 - 0.0005) where $flokiusdt will end it bullish journey and resume it mid term bear market which could even extend to long term.
For more confluence, we switch to the Elliott Wave Theory and as stated on the previous analysis (see my page for context) we are still on the 4th wave (yellow) and we have to finish a 5th wave which will take us to another new All Time High ($0.0004 - 0.0005).
Still more confluence, see the trendline price respected twice (red hammer icon). Now that same trend line is a good location for future re-visit plus the 110% Fibonacci Level rest perfectly well there.
In conclusion everything so much align with that area ($0.0004 - 0.0005). That is where I will exit all my position on FLOKI and start looking for a bearish setup that I will be riding to the Low - Mid Optimal Level.
Finally the invalidation level (stop loss) is at the red-dotted line.
