ADXBTC is currently trying to break out of a consolidation phase which began in AUG last year. This is the second try for a breakout, however, the difference this time (apart from some good upward momentum showing on both the STOCH RSI and RSI EMA Indicators), is that in the 1D chart, the 22EMA has already crossed both the 55 and 100EMA already and heading toward the 200EMA. This should most likely lead to a spike in the price action.
This trade relies on the fact that, on the 4HR chart, ADXBTC will take a drop down to the 100EMA and hit my BUY order sitting at 3426SATS. This is also an area of previous support. It should then bounce from there, back onto the 22EMA as it crosses the 200EMA giving momentum to push up towards the sell Targets.
BUY: 3426
SELL: T1 50% 4023SATS
T2 50% 5110SATS
SL: 3219
This is not trading or financial advice. Always do your own technical analysis before entering any trade and use your own judgement. Trading is risky and can result in financial loss.
This trade relies on the fact that, on the 4HR chart, ADXBTC will take a drop down to the 100EMA and hit my BUY order sitting at 3426SATS. This is also an area of previous support. It should then bounce from there, back onto the 22EMA as it crosses the 200EMA giving momentum to push up towards the sell Targets.
BUY: 3426
SELL: T1 50% 4023SATS
T2 50% 5110SATS
SL: 3219
This is not trading or financial advice. Always do your own technical analysis before entering any trade and use your own judgement. Trading is risky and can result in financial loss.
Comment:
Still awaiting the BUY order to fill. The trade is moving in the right direction for now, so i am hoping it will still drop further to 3426SATS
Comment:
Not quite there, however, the trade is still moving in the right direction and my BUY order at 3426 should be filled.
Comment:
This is now the second re-test of the 22EMA. I am not seeing a lot of volume to push the price over here, as well as STOCH RSI showing only around 8 (not very much momentum). I can still see a rejection here at this stage, which will hopefully fill my BUY order. Although, that would be easily invalidated should some volume come in and ADX/BTC can open and close a 4HR candle above the 22EMA.
Trade active:
My buy order was hit as the BTC drop caused ADX/BTC to drop along with it. So i bought ADX/BTC at 3426. Although we are trading a little below there, my 3410 trendline is now acting as support for the trade.
Trade active
Trade closed: target reached:
TARGET 1 HIT 4023SATS 17.43% PROFIT
TARGET 2 HIT 5110SATS 49.15% PROFIT
TARGET 2 HIT 5110SATS 49.15% PROFIT
