Wasn't familiar with this coin but did some research and believe this ERC-20 token has legitment utility and value. With the recent announced partnership with Binance as a fiat/crypto on-ramp option to its trading platform, I'd assume this coin will be listed well in advance of the business relationship launch.
It will be interesting to watch this coin long term. Currently the algos are in control so it will likely take some large buy volumes to come into the market for it to test .15-21c range again.
ACH is currently in a downtrend accumulating within the lower portion of an established range. Looking for it to test the lower bound for a 'triple bottom' and trade entry based on a bullish retest on LTF; otherwise, I see this continuing its downward trend to the next level of support at .068c.
In the event of a significant BTC reversal/correction, I would target an entry between .03 and .04c.
The golden dotted lines are my buy-lines if BTC remains in a bull trend.
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It appears ACH may have found support around .065c but trading volume remains low. I wouldn't be surprised to see the price continue to get pushed down by algos. Buyers haven't stepped in yet so would be cautious to long until we see a bullish confirmation.
I have no idea what the fundamentals are behind this project but from a pure visual perspective the chart looks like dog sh!t so likely a good buying opp :)
If you are a buyer, I would look at placing a stop .058-.059c in order to sweep the low on that slight pullback. Otherwise, I'd target buying .03-.05c which provides plenty of upside. IMO this coin will likely need some time to consolidate/accumulate regardless of the local bottom, so buyer beware from an opportunity cost perspective.
I don't see were this will drop below its 0.08 support level. There is a massive amount of support at the 0.08 level. It has defiantly proved that this week. I believe she is ready for a uptrend. The MACD on the 4 hour chart indicates that the sell off is about over and there is a up trend building up. The RSI is in a great position as well. I don't see it climbing like it did when listed on Coinbase but a nice steady climb. We still need to get passed the 0.092 resistance level before we start heading up...
But I could be wrong, just my DD...
Senor_G
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@iliveag8life, thanks for commenting!
I agree, it very may well not dip below. The purpose of my post was to share some logical buy-level opportunities based on certain scenarios. I'm already long and am hoping for a trend reversal soon. Definitely considering cycling some profits into limit buys.
I'll update my chart to include volume, and link it to this one. Going to require a lot of it to revisit the highs of last week. Nonetheless, I think this is a viable buy and hold token.
@iliveag8life, always best to plan for a bull and bear case market as conditions can change quickly and you want to be prepared no matter what. Check out my linked idea above. BTC is looking pretty heavy and has completed a its second consecutive lower-high and lower-low on the 4H - definitely something to watch.
jellyfish77
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Algos? Do you mean the huge short positions taken out on this or the obvious market maker manipulation
Senor_G
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@jellyfish77, yes, I meant algos. Look at the inorganic price action on LTFs and watch the action on the order book. Majority of volume on this coin currently is from algo trading. Not saying that open interest on shorts or MM manipulation aren't factors; just making a statement based on my own observations.
jellyfish77
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@Senor_G very interesting I'll look into that, I appreciate your TA and objective viewpoint ✅🤘
Senor_G
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@jellyfish77, of course! thanks for the interaction. Always looking for healthy conversation. How do you research OI for your trades, do you use an oscillator?
One thing I learned the hard way, and although cliche, remains true "the market is always right." the best way to remain profitable is to always look for bull and bear cases and develop a trade plan accordingly. Cheers!
But I could be wrong, just my DD...