A quick analysis this morning - AION. If you think I'm a genius or if you think I'm terribly wrong - please comment
Fundamentals Don't know a lot, other than it was a big hit as an ICO - albeit during the golden era of altcoin runs (end of 2017). They are a very ambitious project aiming to tackle blockchain interoperability. They are also part of an alliance with ICON & Wanchain ,which are arguably even more ambitious. There is no real world value, since all these projects are in their TESTNET or BETA phase, but it is not real world value that drives the crypto market today.
TL;DR - a lot of promise, beta only
Technical Price has been in nose-dive mode since it dipped under the MA-50 line in 11-Jan. The line is now acting as resistance. There was a fake breakout on 27-Jan, probably a market event of some sort judging by the volume spike. I don't care since it went right back down.
We have resistance at the 2944 satoshi level, which we hit 3 times in the last 2 weeks and a few times back in December. This makes it a very tough resistance and any open below this price can mean a more accelerated nose-dive.
A descending triangle pattern formed after hitting the bottom and was just broken on the upside. For me, this is a very bullish signal. We crossed the MA-50 line and volume is increasing slightly - more bullish signals.
First target will be the height of the triangle - 3942 satoshi (16% profit)
Whether this is a buy&hold or an in&out, we'll see after we reach the first target
So, going long, with the stop-loss at the strong resistance - 2944 satoshi.
Trade active
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position open
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A few corrections:
- The points indicated by the arrows in the graph are 'resistance' and NOT support. - The first target is the height of the triangle AFTER the breakout, which is around 4400 satoshi
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The breakout was kind of rejected - however I am keeping this position until we get an open below the observed 'bottom'
Trade closed manually
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We have opened below the assumed bottom, so let's close this as we may not have reached bottom after all