FUN/BTC Appears to be forming the start of an A-B-C bull flag pattern. Currently on the 5th wave of the A move down. Expecting to hit support at the .618 Fib retracement line and 100 day EMA. We'll then rebound to complete the B-C moves and complete our bull flag formation. Using the Fib 1.618 Fib Extension line and a previous horizontal area of resistance we should be able to reach a target of .00000618 which would be a 30% move up over next few days. Expected break out of bull flag around April 22nd.
Looks like it took a few more hours to complete wave 4 of the A wave. This appears to now be complete so we are now starting the 5th wave down which should reach a target of .00000481. If w reach that level and bounce off it into Wave B then we'll have stronger confidence of this flag being formed. Your best entry would be to enter around the .00000481 and set a stop loss somewhere below the flag to reduce risk. This trade will have much higher degree of confidence if we successfully reach my target range for the completion of Wave B. I'll continue to post updates on this as it progresses further. This is my first idea posted to Trading View so please like or comment if you want.
ntaylor360
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We clearly broke up a lot faster then I was expecting
ntaylor360
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Update - the volume profile vertical scale indicator shows that there is a strong area of resistance in the range of 0.00000502 - 0.00000515. I suspect that we'll need to complete our C-wave down to around the 0.00000497 area. Once we've reached that range I believe we will have completed our bull flag and then begin our move back up to break above this area of resistance.
Side note - Funfair did just announce today a partnership with game developer Spike Games, they produces games like "Candy Cash" and other HTML5 slots games for the mobile gambling industry. spikegam.es/games/super-candy-cash
ntaylor360
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Update - we've clearly completed Wave A of our Wave A-B-C now. I was expecting the A wave (down) to touch the .618 Fib Retracement from the flag pole however it ended up bouncing off the .5 Fib Retracement instead. Wave B (up) is now 75% complete. We'll let Wave B continue to play out and then look for Wave C (down) to start. I'll post an update by end of day on how things are shaping up.