Radix seems to have found a short-term bottom here, breaking market structure to the upside and attempting to change the daily downtrend into a daily uptrend. Volume has picked up at the bottom, and I am looking for a pullback to retest the breakout of the double bottom formed from March 2025 to April 2025.
There is a strong confluence of support between 0.009750 and 0.008250. At the 0.618 fibonacci retracement we have the upper bound of the double bottom, which coincides with the upturn of the 21/34/55 EMA and the upper bound of the previous distribution zone. The 50 SMA coincides with the 0.382 fibonacci retracement, which also coincides with the lower bound of the previous distribution zone.
Initial Entry - 0.009750
Full Entry - 0.008250
TP1 - 0.0147, with reload at 0.01234
TP2 - 0.0234, with reload at 0.0175
Long Hold Target - 0.07, but I won't be closing my whole position until 2027 at the earliest, 2028 at the latest
There is a strong confluence of support between 0.009750 and 0.008250. At the 0.618 fibonacci retracement we have the upper bound of the double bottom, which coincides with the upturn of the 21/34/55 EMA and the upper bound of the previous distribution zone. The 50 SMA coincides with the 0.382 fibonacci retracement, which also coincides with the lower bound of the previous distribution zone.
Initial Entry - 0.009750
Full Entry - 0.008250
TP1 - 0.0147, with reload at 0.01234
TP2 - 0.0234, with reload at 0.0175
Long Hold Target - 0.07, but I won't be closing my whole position until 2027 at the earliest, 2028 at the latest
Trade active
Entered: 0.00848SL: 0.00750
Keeping a tight SL. I could very much see a big swing south to grab supply around 0.0058 and then a parabolic upward move. Just thoughts, this is now a long-term hold and I do not plan on selling anytime soon.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.