1INCH - 140+ day accumulation rally to breakout soon? - update
1INCH is showing some strength while many other alts show weakness. I've been backing it for a while now and it is currently clearing some key zones I had marked out and working its way toward the macro neckline of an inverted head and shoulders. This will be strong resistance, but may see some impulsive moves if it breaks. Note it is 100% gain to previous high, and this kind of move is not out of the question if the market jumps in.
Still a few hours on current 4H to confirm current level but on Daily 10, 20, 50 MAs are stacked bullishly and acting as support. the MACD has made bullish cross of 0 and trending up. OBV has been strongly bullish throughout accumulation. RSI is finding new highs showing bullish momentum (entering overbought but I use a fast moving RSI and it still has some head room)
I have been accumulating 1inch backing this prospect since sub 2.5, but buying after breakout confirmation of neckline (marked in red) on 4H and would be the best option now. Unless we see another dip down and we find buy opportunities at support. I have the neckline marked at 3.8 but we would want an engulfing candle closing above 4
If we close a strong green on this 4H here 3.6-3.5 should act as some support, but 3.2-2.8 has been the local demand area (Trading below that range on the daily will signal this is not the trade, and we can look elsewhere)
Still a few hours on current 4H to confirm current level but on Daily 10, 20, 50 MAs are stacked bullishly and acting as support. the MACD has made bullish cross of 0 and trending up. OBV has been strongly bullish throughout accumulation. RSI is finding new highs showing bullish momentum (entering overbought but I use a fast moving RSI and it still has some head room)
I have been accumulating 1inch backing this prospect since sub 2.5, but buying after breakout confirmation of neckline (marked in red) on 4H and would be the best option now. Unless we see another dip down and we find buy opportunities at support. I have the neckline marked at 3.8 but we would want an engulfing candle closing above 4
If we close a strong green on this 4H here 3.6-3.5 should act as some support, but 3.2-2.8 has been the local demand area (Trading below that range on the daily will signal this is not the trade, and we can look elsewhere)
Comment:
1INCH not concerned with retest right now, 1st profit target marked at 4.7, this could be a level of pull back, if there is a pull back I will potentially look to build my position then
Comment:
Rally is underway!
Rally is underway!
Trade closed: target reached:
Half my position closed out for 200%
Half my position closed out for 200%
engulf of 4.0 confirmed, looking for buy setups in range of or above the 3.8 on the retest