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without_worries
Jan 17, 2024 5:28 PM

Alchemy Pay (ACH) Long

ACH / TetherUSBinance

Description

On the above 5-day chart price action has corrected almost 80% since the 500% move from the previous idea. Now is a good opportunity to go long. Why?

1) Price action and RSI resistance breakouts.

2) Trend reversal, higher highs and higher lows replace lower highs and lower lows.

3) Price action finds strong demand on past resistance. Orange circles. Look left.

4) Dragonfly DOJI candle print. On this timeframe, you don’t ignore.

5) There is something else, will share elsewhere.

Is it possible price action could fall further? Sure.
Is it probable? No.

Ww

Type: trade
Risk: <=6% of portfolio
Timeframe for long: Now
Return: 300%

Comment

A 40% correction might be seen to past resistance for support confirmation.

Comment

Long from 0.022
Comments
ArtfulDodger1974
Just the basic research and you find this is based out of Singapore. I recall this was one of the reasons I opted not to trade this. Definitely can see the possibility of a 40% decline but the irony of this shooting up nearly another 20% after this post. However, that also just increases the likelihood of major dump incoming too. Reminds me of any of the Terra based projects, the harder the rip, the bigger the dip. That's how Asian market money rolls.
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