Long

Updated

Watching this one closely.

Can buy now and sell at the yellow dashed line, a trade of about 5-6% or hold and wait for it to re-enter channel.
Or buy once we have re-entered channel, then wait to take ~27% profit.
Will update once I enter the trade. Don't forget to use stop-loss if entering now. Risk management is key. Good luck.

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Ouch, giant scam wick!

Order cancelled

Broke channel. Setup invalidated. Will look for new entry and update.

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Are we seeing a bull pennant on the 1H? a 43% move incoming? Risky. Might throw a small % in this trade.

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Readjusted the trend lines. Feedback welcome, I am new to this. Setting a conservative take profit at 4123 sats which aligns with previous resistance.

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Printed a 'star' 4H candle. Next candle to decide market direction. We wait.

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B/O. Waiting for retest.

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Setup looking good, broke past resistance at 3275 sats. Waiting for candle close before entry.

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Disregard previous two updates as I am new to patterns. After subsequent price action I can see what I did wrong. Corrected the trend lines for it. Looks like we are in a descending wedge with projected break out to ~3300sats, incidentally previous two peaks as well. Should we complete this pattern, a 'W' pattern on the 1 hourly would form after which we could moon.

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We find ourselves in an ascending channel after breaking out of the descending wedge and building support at the 0.618 fib. Currently fighting resistance from the red trend line. Once we break that, the 'W' pattern I mentioned earlier would complete. You want to start taking profits before the 0.786 fib and maybe even before the strong psychological resistance at 3600 sats. A good 8-9% profit from our entry. Good luck.

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Keep an eye for the resistance at 3450 sats. Might see a short term trend-reversal once we reach there.

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Printed a bearish 1H candle. We want to see this candle close above 3300. Hope you have been raising your stop losses to secure profit even if trade setup breaks down.

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Is this what we are forming here? Another leg up to the top of the channel. Only one way to find out!

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Trade setup played out well. I have already closed ~50% of my positions in profit. We are in an uptrend but there is a huge sell wall at 3400 and not enough volume.
I am entering a short term trade in TFUEL now.

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We are here. Psychological resistance at 3400 and major resistance at 3450.

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And boom, trade complete. Congratulations. A low volume coin being run by bots. Fun.

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I am looking at this setup to play out. Not entering as I am in my TFUEL trade at the moment where I am expecting a higher return.

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3450 sats has flipped from resistance into support and price action is wedging with target at 3630 sats. Keep securing profits on the way.

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Not to worry, we still haven't closed below 3450. Still serving as support. Readjusted the trend lines, looking at an ascending triangle now with target still at 3600 sats. A neat ~4% should it play out.

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Readjusted trend lines. This is a risky trade, we could break down so use tight stop-loss and enter trade only on break-out/ retest.

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We might be breaking out. Do not enter until confirmation of trend reversal or preferably, breakout.

Order cancelled

We are breaking down. Formed a descending triangle which is a bearish signal. I am new to trading and only learning this right now. Almost 4.00 AM and clearly need my sleep.

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In this descending channel since we broke support at 3450 sats. Likely going to revisit the 0.618 fib and consolidate there. Will update with new setup if I am entering a long position.

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Break-out. Target- 3677 sats.

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I haven't entered the trade yet. Update if and when I do.

drjimbeam

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drjimbeam