#C98, #Coin98 and its nice looking pennant!

A quick look at Coin98 (#C98USDT, 4HR and 15m, Binance):

According to CoinMarketCap, "Coin98 is a decentralized finance (DeFi) solution that allows users access to cross-chain swaps, staking and yield farming." The project was launched on Binance's Launchpad and opened for trading on July 25. I have been quite satisfied trading this coin so far. Today, it surprised me with a very nice pump!

Main Points

• Price broke the upper resistance of the wedge supported by the third largest volume candle since launch. Admittedly, I was waiting for a breakout, but not so strong. Price eventually reached a peak at $1.85.
  
• Price action is now forming a pennant ranging between $1.72 and $1.60.
  
• Closest support levels are at $1.60, $1.51, and $1.45. The last two coincide with Fibonacci levels 0.5 and 0.618 respectively.
  

Strategy
If price breaks above the pennant, look for:

• TP1: $1.85
  
• TP2: $2.10
  
• SL: n/a(*)
  

If you want to read more about Coin98 on CoinMarketCap, click here.

What do you think?

Still learning here, so any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)

Thank you and Happy trading!

(*) I do not use Stop-Loss for the simple reasons that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.

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Some of my charts represent actual trades, and some are just paper trading.
Needless to say, this is not financial advice!

Trade active:

Well, the pennant on the 15m chart did not hold. Our foreseen support levels did.
Now, if the price can stick into the pennant pattern in the 4HT timeframe, price could swing above $1.60 and attempt a breakout. If it breaks it on the downside, we can expect price to go back to $1.36 and/or $1.27.

Trade active:

Recent price action had me reconsider the pennant into a triangle. That does not change the bullish nature of the recent development. Now, after this spike, price is retracing to Fib levels. Let's see if it has enough strength to push higher to the TP1 target.

Trade active:

TP1 reached! What a push after the breakout!
Now, looking at the daily chart, isn't that a very nice looking cup & handle?
We should expect some retracement, but I think C98 is pushing higher. Next targets $2 and $2.20.

Trade active:

What I did here is I placed some limit orders along the Fib levels to catch some more C98s on the retracement. Specifically, I placed one between Fib 0.382 and 0.5, which I closed. Then I split the remaining "budget" in five more orders between Fib. 0.5 and 0.618. If I don't catch them, not too bad, I will look for other opportunities. If I do, all the better.

Comment:

In the end, I was able to close all but two of my buy orders on the retracement.

Trade active:

Nice pump! Now, where is it going to end? I spotted two Cup $ Handle formations: a big one, with an exit at TP 2, and a smaller one (the cup is basically the handle of the large one), with an exit at TP1.

In the meantime, I took some profit at $2.20, hoping to buy back at a Fib retracement between $1.92 and $2.01.

What do you think?

Trade active:

Just, WOW! C98 literally exploded and it's flying! I knew the project had merits, but I was not expecting such a pump. No hopes to refill my bags at the wished retracement levels, so I moved my funds to other opportunities. I just have a bag of C98 that I am holding for higher targets (above $6). I still hope to reenter with more at a later stage.

Trade closed: target reached:

C98 did way more than expected. Now let's see if it retraces back to $3-$3.50 to refill our bags! I hope you enjoyed this trade.