(ADX/ETH) AdEx Gearing up for breakout. Easy 6-13% TODAY!!!
Quick little day trade I'll be watching for today.
Things seem to be squaring up nicely for
ADXETH
to have a breakout within the next few hours here if we can maintain volume and close above ~.00167
This kind of a set up is exactly what im looking for when it comes to relatively low risk day trades!
My entry target will be .00167 assuming we close above the 38% retrace and the SSRSI remains bullish.
Initial exit @ .001738 assuming price is unable to break the 50% retrace and the pink overhead resistance formed by the prior channel bound regions major peaks.
IF we do happen to break above both of these and confirm w/ a test & rebound of the prior channel line I will be retargeting with a hold till pullback strategy with major targets at:
.0018
&
.001875
Remember, this is all reliant on the initial breakout above the 38% retrace!!!
If we dont manage to close above it, thinks may very well smack back down to the blue support line!
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
*** The dual Stochastic/Stochastic RSI source code can be found on my page if you're in need of a simple space saving indicator!
This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Remember, TA is neither investment advice nor a guaranteed science, but rather an informed attempt at prediction based of historical and emerging patterns!
Good luck and happy trading fellow cryptoheads!
Austin Doyle
CTO
Crypto Playhouse
Things seem to be squaring up nicely for
ADXETH
to have a breakout within the next few hours here if we can maintain volume and close above ~.00167 This kind of a set up is exactly what im looking for when it comes to relatively low risk day trades!
- 48 EMA getting ready to test 192 EMA support for first time since early January
- Price bouncing around 38% fib retrace for current cycle high
- MACD converging just a hair higher than prior baseline
- STOCH & STOCH RSI bottomed out and turning upwards with both signals leading significantly
- Recent bottom created clear higher swing low
My entry target will be .00167 assuming we close above the 38% retrace and the SSRSI remains bullish.
Initial exit @ .001738 assuming price is unable to break the 50% retrace and the pink overhead resistance formed by the prior channel bound regions major peaks.
IF we do happen to break above both of these and confirm w/ a test & rebound of the prior channel line I will be retargeting with a hold till pullback strategy with major targets at:
.0018
&
.001875
Remember, this is all reliant on the initial breakout above the 38% retrace!!!
If we dont manage to close above it, thinks may very well smack back down to the blue support line!
*** Note that the MACD RSI crossover strategy I've written has the RSI hidden, and that the earning results are irrelevant as it used for cleaning up major trends NOT buys and sells.
*** The dual Stochastic/Stochastic RSI source code can be found on my page if you're in need of a simple space saving indicator!
This analysis is meant for purely educational purposes, and whether you choose to trade on it or not is entirely on you!
Remember, TA is neither investment advice nor a guaranteed science, but rather an informed attempt at prediction based of historical and emerging patterns!
Good luck and happy trading fellow cryptoheads!
Austin Doyle
CTO
Crypto Playhouse
Comment:
Just wanted to point out that we tested that 38% retrace twice and as stated, when it failed there it inevitably smacked down and through that blue support level, heading for (apparently) a new cycle low.