Since November 9th until February 8th, AGIX made an astonishing 1746% profit in three months (91 days). Since the high of February AGIX has been in a correction. The structure emerging out of that correction is a Falling Wedge which is a bullish reversal pattern. Also, although AGIX is in an overall correction, it hasn’t even touched the 0.382 Fib level (pulled from the low of November to high of February).
Currently AGIX is trying to break out of the wedge to the upside, but it has the 0.33- 0.34 USD horizontal resistance level to cross before we can be sure the breakout is a success.
If we look at the RSI on the daily chart, we can see that the RSI line already broke out of the falling wedge which is a point in favor of the immediate breakout scenario. However, the whole situation in the crypto market is very delicate ATM. I don’t think anyone knows for sure if we are done with this correction or if the chop is to continue.
The way I see it there are two possible scenarios:
Scenario 1: Successful Breakout
AGIX breaks out of the falling wedge, tests it as support and continues to the upside. In this case my trade idea is:
Entry: At the retest of the trendline approximately at: 0.305 USD
SL: below the trendline at: 0.293 USD
Target: 0.46 USD (at least)
Scenario 2: Breakout Fails
The whole market goes to crap, again, and AGIX with it. In this case I will be looking to long AGIX at the 0.21 USD level or at the support of the trendline, with a stoploss below the trendline.
NFA.
Feedback will be appreciated.
Best wishes to all.
Currently AGIX is trying to break out of the wedge to the upside, but it has the 0.33- 0.34 USD horizontal resistance level to cross before we can be sure the breakout is a success.
If we look at the RSI on the daily chart, we can see that the RSI line already broke out of the falling wedge which is a point in favor of the immediate breakout scenario. However, the whole situation in the crypto market is very delicate ATM. I don’t think anyone knows for sure if we are done with this correction or if the chop is to continue.
The way I see it there are two possible scenarios:
Scenario 1: Successful Breakout
AGIX breaks out of the falling wedge, tests it as support and continues to the upside. In this case my trade idea is:
Entry: At the retest of the trendline approximately at: 0.305 USD
SL: below the trendline at: 0.293 USD
Target: 0.46 USD (at least)
Scenario 2: Breakout Fails
The whole market goes to crap, again, and AGIX with it. In this case I will be looking to long AGIX at the 0.21 USD level or at the support of the trendline, with a stoploss below the trendline.
NFA.
Feedback will be appreciated.
Best wishes to all.
Trade active:
This trading idea is still valid. AGIX is hovering just below the trendline. It tried to breakout on May 30th but it was unsuccessful. If the dump continues keep an eye on 0.25 USD, it may act as support. However the idea becomes active once it breaks and tests the trendline as support.
