Quick Numbers:
- Buy at 40k
- Sell conservatively at 88k
Trade Duration:
- Expecting to take 10-14 weeks.
Reasons:
- Looking on the weekly chart, we are at a strong green support line.
- The Stochastic RSI is incredibly over sold.
- The RSI is at the same strong green support level as previous lows.
- The MFI (not on this chart) is also at a strong support level.
What everything represents:
- Green line represents STRONG support (which we are currently at)
- The 2 yellow lines represent a consolidation zone. I'm expecting the price to go from 40k to 75k back down to 58k up to 92k down to 75k back up to 110k however I am not going to be swing trading this, as I am trying to secure profit and am not taking any of these risks.
- White line represents a temporary resistance level that will likely be broken through after a week to three weeks of waiting.
- Red line represents the highest resistance level.
Why I am selling at 88k (I bought at 46k):
- 110k is a huge resistance and a lot of people will likely want to sell here (may not be able to get sell order fulfilled)
- Large even number at 100k. A lot of people again will want to sell here, so you should undercut.
- 92k is a descent resistance level for a temporary time. I'm selling at 88k to secure my profits and move onto the next coin.
BONUS:
- All of the circles in price action represent areas of support and resistance, and if you look at the RSI, the line reaches support/resistance at the EXACT same time that price does.
- Also, each LEVEL of support/resistance directly correlates between price and RSI.
- All of the red price resistances can be seen at the red RSI resistances. Same with yellow and green.
- If you look at the cycles it takes for price to go from swing high to swing low, it takes 16-17 weeks.
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- Please feel free to comment your ideas and criticize my thoughts!
- Buy at 40k
- Sell conservatively at 88k
Trade Duration:
- Expecting to take 10-14 weeks.
Reasons:
- Looking on the weekly chart, we are at a strong green support line.
- The Stochastic RSI is incredibly over sold.
- The RSI is at the same strong green support level as previous lows.
- The MFI (not on this chart) is also at a strong support level.
What everything represents:
- Green line represents STRONG support (which we are currently at)
- The 2 yellow lines represent a consolidation zone. I'm expecting the price to go from 40k to 75k back down to 58k up to 92k down to 75k back up to 110k however I am not going to be swing trading this, as I am trying to secure profit and am not taking any of these risks.
- White line represents a temporary resistance level that will likely be broken through after a week to three weeks of waiting.
- Red line represents the highest resistance level.
Why I am selling at 88k (I bought at 46k):
- 110k is a huge resistance and a lot of people will likely want to sell here (may not be able to get sell order fulfilled)
- Large even number at 100k. A lot of people again will want to sell here, so you should undercut.
- 92k is a descent resistance level for a temporary time. I'm selling at 88k to secure my profits and move onto the next coin.
BONUS:
- All of the circles in price action represent areas of support and resistance, and if you look at the RSI, the line reaches support/resistance at the EXACT same time that price does.
- Also, each LEVEL of support/resistance directly correlates between price and RSI.
- All of the red price resistances can be seen at the red RSI resistances. Same with yellow and green.
- If you look at the cycles it takes for price to go from swing high to swing low, it takes 16-17 weeks.
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- Please feel free to comment your ideas and criticize my thoughts!
