Hi there. Beginning trader and technical/fundamental analyst, sharing a bullish trend continuation trade learned from the TRI School for Trader Development, my alma mater. *This is posted for entertainment purposes only, not trading or financial advice.
Reasons for trade: 1. (Location) This is a Bullish BoT setup. It retraced more than .33 but less than .66 fib. 2. (Structure)Double bottoms (W) in price action, obv, Willy and an unconfirmed one in MACD which is positive. 3. (Momentum) Increasing buy volume (green bars), postive Moving Averages cross in OBV and Willy. 4. Some support on Volume Profile 5. Moving averages confluence and price over 30SMA. 6. 3 Lower lows to act as support for price if trend slows or starts to break down.
Forgot to mention: I appreciate any feedback or alternative views, please share if you have them. Also, large, sudden moves by BTC could, and often times does, invalidate analysis.
Awesome analysis! I haven't really looked at it quite the same way before! The only thing that scares me currently about BAND is that there aren't any fundamental events until June...or at least tentatively speaking.
Cryptough
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@Dawnchorus thank you for stopping by. Maybe the lack of news will give it time to go sideways and build more support, allowing us to fill our bags. ;)
Dawnchorus
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@Cryptough, The BTC side of BAND looks primed, though : )