Binance trading competition impulse - enough for a reversal?
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Hello there, this is our view on wtcbtc, enjoy!
Analysis:
Recently a trading competition for this coin was set onto a popular exchange and recent wick was due to general fomo. Latest volume spike generated a nice opportunity to take profit from this, so let's check it! First of all, price is still trading inside a bullish ascending triangle, which is very likely to be broken out. Then many bottoms were recorded (I can clearly see 3 of them) which means that price couldn't manage to go lower; also price broke out recent downtrend (missing a retest) and is watching at least to attempt for a reversal. Even if there are still multiple simple moving averages death crosses pending, they could easily turn to golden crosses, which started to appear on smaller lengths and resolutions. Either do EMAs but 50-200, which still looks very far (in accumulation) from a reversal. Actual candle opened at weighted moving average 200 level and is still trading above; it has also gapped from previous candle, forming a kicker pattern. There's also a bullish unique three river pattern on h3, which was a sign of reversal before this pump. Far in bollinger bands overbought, but volumes really came in, so that isn't very relevant. Pump went straight across ichimoku cloud resistance zone, which now seems it can handle price down there; it turns to be bullish in a couple of days, when price will breakout a couple and handle pattern that is still forming. Money flow and chaikin oscillators do look bearish since they're going down even if price has pumped a lot; that means that there's quite good sell power, other than buyers - I'm looking at it as the candle started, it may close differently (probably bullish) but that's it. A golden cross has formed on stochastic, which is growing from oversold just like relative strength index and ultimate; the last one already witnesses some weakness in this run-up, since it's on its way to form a bearish divergence with price. Moving average convergence/divergence is stating a nice uptrend, while awesome is still neutral (tho already plotted a green bar). Price is moving just a little over latest bars and this big green candle (and volume) can call fomo in.
Strategy:
Since I believe price is gonna make it to break the triangle up and its target will be far above fibo 0.236, then my targets are for very large movements.
Entry (long): 347 - 339 - 334
Target (short-term): 473 - 478
Stoploss: 299
Risk/reward: 3.54
Nb: we're taking a retracement at 0.382 - 0.236 fibo levels; this means we aren't buying the safe zone (which is below 300, all time low), but we're riding the wave hoping whales will support us. If selloff started before you could sell, then make sure your stoploss is set.
Warning: very volatile. We suggest you should adopt a thorough money management for this kind of trade!
Trade safe and stay at home. Anlvis
Analysis:
Recently a trading competition for this coin was set onto a popular exchange and recent wick was due to general fomo. Latest volume spike generated a nice opportunity to take profit from this, so let's check it! First of all, price is still trading inside a bullish ascending triangle, which is very likely to be broken out. Then many bottoms were recorded (I can clearly see 3 of them) which means that price couldn't manage to go lower; also price broke out recent downtrend (missing a retest) and is watching at least to attempt for a reversal. Even if there are still multiple simple moving averages death crosses pending, they could easily turn to golden crosses, which started to appear on smaller lengths and resolutions. Either do EMAs but 50-200, which still looks very far (in accumulation) from a reversal. Actual candle opened at weighted moving average 200 level and is still trading above; it has also gapped from previous candle, forming a kicker pattern. There's also a bullish unique three river pattern on h3, which was a sign of reversal before this pump. Far in bollinger bands overbought, but volumes really came in, so that isn't very relevant. Pump went straight across ichimoku cloud resistance zone, which now seems it can handle price down there; it turns to be bullish in a couple of days, when price will breakout a couple and handle pattern that is still forming. Money flow and chaikin oscillators do look bearish since they're going down even if price has pumped a lot; that means that there's quite good sell power, other than buyers - I'm looking at it as the candle started, it may close differently (probably bullish) but that's it. A golden cross has formed on stochastic, which is growing from oversold just like relative strength index and ultimate; the last one already witnesses some weakness in this run-up, since it's on its way to form a bearish divergence with price. Moving average convergence/divergence is stating a nice uptrend, while awesome is still neutral (tho already plotted a green bar). Price is moving just a little over latest bars and this big green candle (and volume) can call fomo in.
Strategy:
Since I believe price is gonna make it to break the triangle up and its target will be far above fibo 0.236, then my targets are for very large movements.
Entry (long): 347 - 339 - 334
Target (short-term): 473 - 478
Stoploss: 299
Risk/reward: 3.54
Nb: we're taking a retracement at 0.382 - 0.236 fibo levels; this means we aren't buying the safe zone (which is below 300, all time low), but we're riding the wave hoping whales will support us. If selloff started before you could sell, then make sure your stoploss is set.
Warning: very volatile. We suggest you should adopt a thorough money management for this kind of trade!
Trade safe and stay at home. Anlvis
Đóng lệnh: đạt mục tiêu
Good job, it took only one day to reach the target :)
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