ALPHA: Getting ready to go?
I'd be interested to hear from experienced technical analysts on this chart. I'm a novice and wrong-footed often by the market, but we keep learning and will die learning.
This set-up looks good to my eye. But please factor-in my inexperience.
It's an interesting one because it was already naturally retracing from a nice run 16 January to 5 February, when on 21 February it was hit by what the whole market felt as BTC went into its correction.
It had done a 0.618 retracement, which I consider normal, but also a sign of strength. It was then pushed down to the 0.786.
Like BTC, it printed an extended W formation and has just retested this pattern at the neckline.
You could say it's ranging, but there is an ascending trend line that it is respecting, and it remains solidly above the 0.5 Fibonacci level.
The RSI is looking nice. No divergence that I can see.
The MACD is more or less flat, but just crossing under on the daily, which suggests a touch of the ascending trend line before a move up.
It's running out of space within a few days.
On a 12r perspective, it's above the Ichimoto cloud.
On the fundamentals side, so far as I know it's a serious project with potential.
The possible measured move to the upside is around 97%, if it clears all its resistance points.
Please let me know your thoughts.
What am I missing, or what am I misreading?
This set-up looks good to my eye. But please factor-in my inexperience.
It's an interesting one because it was already naturally retracing from a nice run 16 January to 5 February, when on 21 February it was hit by what the whole market felt as BTC went into its correction.
It had done a 0.618 retracement, which I consider normal, but also a sign of strength. It was then pushed down to the 0.786.
Like BTC, it printed an extended W formation and has just retested this pattern at the neckline.
You could say it's ranging, but there is an ascending trend line that it is respecting, and it remains solidly above the 0.5 Fibonacci level.
The RSI is looking nice. No divergence that I can see.
The MACD is more or less flat, but just crossing under on the daily, which suggests a touch of the ascending trend line before a move up.
It's running out of space within a few days.
On a 12r perspective, it's above the Ichimoto cloud.
On the fundamentals side, so far as I know it's a serious project with potential.
The possible measured move to the upside is around 97%, if it clears all its resistance points.
Please let me know your thoughts.
What am I missing, or what am I misreading?
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03 Apr 2021 13:51:55: Looking good so far. RIS is not overheated (currently 60.8), so I think it will clear the descending trend line in its current upside move. 10m volume on its USDT pair, and 20m on Binance Futures. Three key levels to clear before reaching its previous ATH at $2.97. From there it's an open sky. Price discovery.
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I should add that I'm looking at the 12hr chart
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06 Apr 2021 15:35:53: Poor ALPHA. Tried twice again today, and as earlier, beaten down as BTC falls. This whole market is truly distorted by whatever ties BTC to all the alts, whether arbitrage bots or whatever else. I wonder how much the evolution in trading since 2017 will affect the alt season we should be in. Decoupling from BTC should be the leitmotif of alt season.
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