Introduction
Date: 01/07/20
Time: 11:00 AEST
Topic: Yearly-Term Trade - Bullish - CELR
Forecast: A drop down to about 35ish sats where some Daily & Weekly Support has been found, before reversing and gearing up for another run
Summary
I see a yearly trade on CELR appearing with numerous software which I utilise bringing it to my attention. With some basic TA, I do see having a real go in the future.
Firstly, abit of background on the coin. ‘Celer Network (CELR) is a leading layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contract. It enables everyone to quickly build, operate, and use highly scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics’.
Ever since its release in March 2019, CELR had been (like most alts) on a massive downtrend, going from about 615sats all the way down to a bottom of 21sats. On the way down it did stop numerous times, creating weekly zones of support. Having found a bottom at 21sats it ranged between 21 and 26sats for a period of 2months before breaking out and going on a run back up to 50sats. Since early April, volume has been steadily increasing supporting the breakout and is now slowly tapering off.
I can see a possible inverse head-and-shoulders playing out, with the neckline being around 44sats. Combine this with Fibonacci (I took the bodies of the candles) of the small breakout we had (21 – 44), we have the 61.8 retracement being at 35sats. This coincides with the peak of the left shoulder. With volume on the decline and it is retracing, I believe it could complete the inverse head-and-shoulders furthermore pointing to a 35ish sat entry.
About Me:
Starting off as a typical retail investor, I entered the trading space in 2017 and proceeded to buy bitcoin as it was going up thinking the moon was the limit. Safe to say I was wrong and learnt very quickly that 'What goes up, must also come down at some point'. Since then I did a proper trading course where I learnt the art of Technical Analysis and have never looked back. Increasing my knowledge from reading a tonne of books, listening to podcasts as well as reading and researching other traders has really benefited my trading skills and style. I am a now a full-time cryptotrader at one of the first firms specialising in cryptocurrencies. I am also a coach, teach and mentor to other like-minded individuals who want to succeed within the trading space. If you want to learn more about TA, trading and be financially independent, then let me know and I will help you get there!
Financial Disclaimer:
I am not a registered broker/analyst/investment adviser. The information contained within this post is general/educational information only, not financial advice and should not be treated as such. Trading and investing in Forex, Stocks, Commodities and Cryptocurrencies involves high risk, and is not recommended if you are not a trained investor, who has conducted proper research and training. Viewers are responsible for how they use this information and I am not responsible for any losses incurred as a result of the information provided. Please consider carefully whether trading is suitable for you, given your current circumstances, financial situation and knowledge.
CELRBTC
Date: 01/07/20
Time: 11:00 AEST
Topic: Yearly-Term Trade - Bullish - CELR
Forecast: A drop down to about 35ish sats where some Daily & Weekly Support has been found, before reversing and gearing up for another run
Summary
I see a yearly trade on CELR appearing with numerous software which I utilise bringing it to my attention. With some basic TA, I do see having a real go in the future.
Firstly, abit of background on the coin. ‘Celer Network (CELR) is a leading layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only payment transactions, but also generalized off-chain smart contract. It enables everyone to quickly build, operate, and use highly scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics’.
Ever since its release in March 2019, CELR had been (like most alts) on a massive downtrend, going from about 615sats all the way down to a bottom of 21sats. On the way down it did stop numerous times, creating weekly zones of support. Having found a bottom at 21sats it ranged between 21 and 26sats for a period of 2months before breaking out and going on a run back up to 50sats. Since early April, volume has been steadily increasing supporting the breakout and is now slowly tapering off.
I can see a possible inverse head-and-shoulders playing out, with the neckline being around 44sats. Combine this with Fibonacci (I took the bodies of the candles) of the small breakout we had (21 – 44), we have the 61.8 retracement being at 35sats. This coincides with the peak of the left shoulder. With volume on the decline and it is retracing, I believe it could complete the inverse head-and-shoulders furthermore pointing to a 35ish sat entry.
About Me:
Starting off as a typical retail investor, I entered the trading space in 2017 and proceeded to buy bitcoin as it was going up thinking the moon was the limit. Safe to say I was wrong and learnt very quickly that 'What goes up, must also come down at some point'. Since then I did a proper trading course where I learnt the art of Technical Analysis and have never looked back. Increasing my knowledge from reading a tonne of books, listening to podcasts as well as reading and researching other traders has really benefited my trading skills and style. I am a now a full-time cryptotrader at one of the first firms specialising in cryptocurrencies. I am also a coach, teach and mentor to other like-minded individuals who want to succeed within the trading space. If you want to learn more about TA, trading and be financially independent, then let me know and I will help you get there!
Financial Disclaimer:
I am not a registered broker/analyst/investment adviser. The information contained within this post is general/educational information only, not financial advice and should not be treated as such. Trading and investing in Forex, Stocks, Commodities and Cryptocurrencies involves high risk, and is not recommended if you are not a trained investor, who has conducted proper research and training. Viewers are responsible for how they use this information and I am not responsible for any losses incurred as a result of the information provided. Please consider carefully whether trading is suitable for you, given your current circumstances, financial situation and knowledge.
CELRBTC
Trade closed: target reached:
Although the price didnt hit my exact entry of 35 sats, I watched closely and entered at the 36 sat mark. From there we have had some solid up movement, doing a full 100%. I have now closed my trade as we are at previous weekly resistance.