Khraex

BTT prime for some profit

BINANCE:BTTUSDC   BitTorrent / USD Coin
There are a few things I am noticing here. BTT is trading well above the 3 moving averages and we can see the MACD about to cross. This indicates a strong buy to me as far as moving averages go. Some of my oscillators look a bit more neutral, but there are some things worth noting. If we look at the RSI , we can see it crossing above the 50 center line and is moving toward the 70 line. This is a bullish signal to me and I will consider it as such until we reach about (or above) the 70.

The current candle is trading above the daily pivot , daily BC , and daily TC . This is welcoming and we are currently testing the first purple line as resistance. If we can break above that before the RSI crosses back over or RSI goes above 70 (either implying a trend reversal or BTT being overbought, respectively) then I can see us testing the 2nd purple line. I'll sell near the 2nd purple line for up to a 13% profit.

I am going to keep a close eye on what the MACD and RSI are going to do. If the MACD only kisses and does not cross, or if the RSI turns, this might correct a bit between the bottom of the channel and R2 (where there is also a 50 moving average (green line)). I will put around the purple line that is between R3 and R4.

This is my own personal plan. Good luck with your trades.
Comment: "I will put around the purple line that is between R3 and R4. "

I meant to write, I will put a stop around the purple line that is between R3 and R4. Sorry about that.
Trade closed: target reached: Close - target reached. Taking 17.52%, I hope you were able to profit with me :)
Comment: Recap



As I said, the fact that the MACD was about to cross indicated a strong buy to me. I suggested we keep a close eye on the MACD, and as you can see, it ended up crossing. The fact that the RSI crossed the 50 center line was also a good indication of some short term bullish behavior. The purple lines are resistance zones calculated by pivots.

We tested that resistance for 2 candles and were not able to close above it. The MACD, however, did cross. Paired with the RSI not yet being overbought, there was no reason to suggest that we'd reject down to the bottom of the channel or to the center purple line. On the third candle, you can see that we broke out. There was not much standing in the way between the first resistance zone and the second resistance zone. We skyrocketed to the top of the channel past the second resistance zone.

I sold half of my position around the second purple line (as originally planned) for a profit of about 13%, and the remainder right at the top of the channel for a profit of about 17.52%.

As you will now notice, the RSI is 71.5727 and is technically overbought. We are back to touching the first resistance zone almost perfectly.

I hope you were able to make some profit. This was my own personal plan, and as always, I wish you good luck with your trades.
Recap



As I said, the fact that the MACD was about to cross indicated a strong buy to me. I suggested we keep a close eye on the MACD, and as you can see, it ended up crossing. The fact that the RSI crossed the 50 center line was also a good indication of some short term bullish behavior. The purple lines are resistance zones calculated by pivots.

We tested that resistance for 2 candles and were not able to close above it. The MACD, however, did cross. Paired with the RSI not yet being overbought, there was no reason to suggest that we'd reject down to the bottom of the channel or to the center purple line. On the third candle, you can see that we broke out. There was not much standing in the way between the first resistance zone and the second resistance zone. We skyrocketed to the top of the channel past the second resistance zone.

I sold half of my position around the second purple line (as originally planned) for a profit of about 13%, and the remainder right at the top of the channel for a profit of about 17.52%.

As you will now notice, the RSI is 71.5727 and is technically overbought. We are back to touching the first resistance zone almost perfectly.

I hope you were able to make some profit. This was my own personal plan, and as always, I wish you good luck with your trades.
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