Getting many request on Twitter for this pair, so lets give it a go. I dont have any idea about fundamentals for this coin or any news/developments coming out soon...I just did my technical analysis. After a strong upmove, its sitting around Fibo 68,1% support. 2 scenarios: 1) it breaks the red trendline for another big push up, over previous top 2) it breaks the fibo support and falls back in the old accumulation zone which is also a target area for my Fibonacci extension calculations.
Personally, I have a feeling that it might break out to the upside. Maybe some news coming soon which supports a possible pump.
Tradingadvice: buy after the breakout of the red line or if it breaks fibo, let if fall back to the blue box
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Breaking out!
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Broke out and did a classic retest of trendline, now looking upwards. Let's go!
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Looking healthy.... Frist target area is around 40k but my aim is 65-70k this week ;-)
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After a nice upmove, price suffered from BTC rally. It dumped into the blue box and even a bit below. Nothing to worrie for now. I think it won't dump mucht further and hopefully it makes a good bounce into a new uptrend.
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Update: I was wrong, it dumped more as expected and formed a new pattern. Breaking the yellow trendline downwards will be a fall back into accumulation zone but looking at the indicators, I'm thinking it could make a new attempt up from out of this area. Watch for a breakout to the upside before jumping in and dont forget the risk of a further fall. If you dont use a stoploss it might take weeks/months before price is back on your entry position. Selling wiht a loss is not a shame, its moneymanegement.
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correction: breaking the yellow trendline was mistake, I mean the blue trendline
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For days already in a bullflag, just waiting for it to fly
Stop loss triggered, I had big hopes in this one. You and Excavo shared the same view, so it would be a gold mine haha. The breakout was rumors related and the news didn't deliver. Thanks for your ideas.
I have read your target of 70K. In what timeframe do you see this happening ?
Crypto_Ed
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@AltG, can't tell you right now....my crystal ball is broken.
70k is possible target, not sure
AltG
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An ADEX developer tweeted that they will announce another partnership this week. So fundamentals backed with this analysis looks good. I saw your chart right before the breakout, I hope it holds.