Other indicators on the 2 hour chart:
-MACD beautiful upwards swooping motion after long descent
-above 100 day moving average
-RSI plenty of upward potential
Have indicated approximate potential targets.
As always, pay attention to the market and take profits when presented, as BTC's wild fluctuations can crash any plans at any given instant.
Good luck and happy trading.
Hoping for a run similar to the one a few days ago. Buy volume looking very healthy. As Binance's userbase continues to expand at an alarming rate, I expect the coin to continue upward growth in the coming weeks/months.
1) Binance announced a 40 million USD coin burn. On the surface, that would tend to indicate more rarity and a price surge, when in fact it caused a massive selloff spike. I do not understand the dynamics behind this, but if anyone else has any insight I would be glad to hear it.
2) BTC (as always seems the case these days) started a mini bull rally above 14k. It's frustrating. It really is. But this is exactly why I emphasize in all my posts to take profits when you see them, because BTC is currently in a yo-yo cycle and continues to tug at heart strings and wallets.
I highly urge any day traders to keep a BTC ticker update on your desktop at all times, because things can turn sour in an instant in the alt world.
Again, all the TA and fundamentals in the world only get you so far in this crypto game. Be vigilant, be patient, and always set stop losses in case things turn rotten.
Unsure how I feel about this trade right now as it's hard to gauge interest with the entire alt market kind of stagnant. Price rebounded from 13xxx and is now hovering in the low 14xxx's. I shall leave it up to your better judgement. But as for me, I am out of alts until I get a better picture.
Next 'major' support is around 11k. If I extend the triangle line downwards, it appears it's bouncing off it on the way down. It's up to you at this point, but if you're in at 15.7k I'd probably start thinking about setting a stop loss if it dips much below 13k. But I believe all alts will eventually rebound in a day or two as they always do. So patience is usually the key when these crashes happen.