Fujiang
Long

Ambrosus (AMB) long position

BINANCE:AMBBTC   Ambrosus / Bitcoin
BINANCE:AMBBTC has bounced off the lower support of a wedge pattern 4 times and is primed to bounce up to the upper part of the wedge .

Some upcoming events for Ambrosus that I think will make it break the wedge pattern into an upwards trend include a 1.0 Mainnet release, which would shine more light on their Masternode system. It is expected to be released by the end of July.

Trading Goals:
Entry: ~0.000044BTC
Getting in somewhere close to the lower part of the Wedge .

Exit: ~0.000076BTC
If the wedge pattern follows through, this would be your exit point. I would set up an alert at the midway point to gauge if Ambrosus is on schedule. If they are on schedule with the Mainnet release then I expect it to go higher that the exit point. If they flub the release then expect a slight backlash.

Stop Loss: ~0.000038BTC
This stop loss is falling back on the support that was created in early April. You could also use 0.000040BTC as a more aggressive stop loss, where it recently bounced in late June. This would create a better risk/reward ratio of ~7.

Trade Duration: ~15 Days
Combining both news and chart trends, I think the duration until the end of July should have enough factors for this trade to play out.

Comments

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