In my previous post, I illustrated a possible trade, which initially started off very bullish, yet turned out to be bearish. A triangle with everything going for it could still go both ways: break out through its resistance, or fall through its support. The second scenario happened; as soon as it broke support, we knew the trade wasn't worth continuing.
I'm following up on that post, showing what happened then and since, and what we can reasonably expect going forward.
Stay tuned for more interesting stuff and feel free to reach out if any questions!
Link to my previous idea (note: I forgot to put the "?" at the end of that title :-) )
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For a quick update, see attached link:
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Update of the idea can be found here (conclusion: we are at the low end of the price movement and forming a bottom, we can be bullish, especially in the somewhat longer term, price will have to go up):
Looking at the candlesticks: The candle sticks show low testing ( bullish ). Tip: when you see a candle stick you have two parts: a wider part and a thin part. If the thin part is quite large at either end, this is called "testing". In this case you can see a clear repeated "low testing", which is generally considered bullish . Detail: the lows are also touching the lower Fibonnacci support as you can see.
Looking at MACD: Golden cross in the making ( bullish )
Looking at the Bollinger bands: Bollinger band is slightly curving to neutral/upward territory. (rather bullish )
CCI in the good region.
Volume: Buying volume was previously absent and is now showing up (relatively bullish )
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We are having a first run :-) profits versus the bottom already around a good 30%
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Great! we already achieved +55% from the bottom! Note that we are aiming for (and close to) the 50% Fibonnacci retracement level (as can be seen in the graph). This will initially act as a resistance and we are in the higher end of the Bollinger band, so short term and high level analysis suggests a possible downward price movement (I haven't had the time yet to do more detailed analysis). But I'm not worried, price will go up, regardless of short term downward movements! :)
I'm new to Tradingview so still struggling a bit with the tools, I'll use other colours in the future for remarks; and I was wondering how you can post an update WITH graph, or include a graph in a comment?
makemerichplz
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@A_Cryptastic_Mind, colors a bit hard to read, yes, but overall a nice writeup. Thanks for this!
A_Cryptastic_Mind
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@makemerichplz, thanks for reading!! :) - indeed have to work on the color scheme :D
@whoisthelorax, what would you like to know? :D - this way of charting?
Kryptomaestro
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awesome! I invested as well
A_Cryptastic_Mind
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@Kryptomaestro, Great! we already achieved +55% from the bottom! Note that we are aiming for (and close to) the 50% Fibonnacci retracement level (as can be seen in the graph). This will initially act as a resistance and we are in the higher end of the Bollinger band, so short term and high level analysis suggests a possible downward price movement (I haven't had the time yet to do more detailed analysis). But I'm not worried, price will go up, regardless of short term downward movements! :)
Good to see you in too!
A_Cryptastic_Mind
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@A_Cryptastic_Mind, I'll actually post this as an update to the price movement :D
UnknownUnicorn2018841
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Excellent call here, bought in at 3600 sats and seeing some nice profits. Thanks!
A_Cryptastic_Mind
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@RubenB89, Nice! That's over 55% profit already, well done :-)