benjihyam

AMP relief bounce to $.057?

Long
COINBASE:AMPUSD   AMP/USD
$AMP seems to have found a short term bottom at .0377.

I've entered a position at $.038 looking for a bounce to $.057. It likely won't get there in one quick move though. I'm looking for price to test the $.045 range as resistance and then retest this range at $.038ish as support before seeing the move up to $.057. If that plays out, it would provide some nice trading gains while waiting for the full move up to test the 50% retracement at $.057.

R/R 50% upside with risk of .8% putting a stop before that local low.

Let's see how it plays out over the coming weeks.
Comment: I'm back in cash at the moment. Not because I think this idea is invalid, but more because I want to manage risk. I think here's a possibility that BTC falls at the open of the stock market, which would bring alts w/ it. I don't think it would be a deep drop, I think it's most likely to go to $40600 or so. However, I don't want to take the risk incase it falls deeper than that.

I just want to watch price action for the next couple of hours. If the dip does play out, then I want to buy at lower prices.
Comment: I'm back in a long. Looking for a move up to $.045-.047 as the first targets. But this move has the potential to go all the way up to the target.

I'm still weighing the possibility of a further market correction next week though on the 25th. So it would be a short trade, and then I'd want to see where this corrects to should it happen before taking another long trade again.
Comment: That should've been the bottom at $.363. Fully in my position and ready for it to run.

Think this move is likely to play out over the next 2-3 weeks.
Comment: It went lower than I thought it would, but still think we'll get to $.057. Just going to hold until we get there.

The two next support levels are $.0307 and $.0275. I have another set of buys set at the lower support (incase it gets hit to bring down my average). I do think when it runs, it'll run quickly.

I have strong buy signals on every timeframe and it usually takes a bit for them to play out.

Let's see what happens to price action on those pivots.

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