COTI + 550%, 1:10 R:R, Looking Bullish
I've been hearing about COTI for a fair while now but my focus has been elsewhere. Now that I take a closer look, I wish I had paid attention sooner! If you are bullish on the Cardano ecosystem, this might be one to look into as they seem to have some close ties to ADA. COTI has had an amazing run since the COVID lows achieving a 20x but it looks like there could still be some gas left in the tank.
Key points:
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Key points:
- Appears to be in the 3rd wave of the Elliott count
- Large drawdown of 51% to invalidation so position sizing is important
- Upside to 3rd wave target is 550% giving an excellent Risk:Reward of 1:10
- 3rd wave target $1.34
- 4th wave entry $0.30
- 5th wave target $3.23
- Invalidation at $0.098
Never Trust. Verify.
D.Y.O.R. Not Financial Advice Just an Observation.
Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key. Capital preservation above all else.
Trade closed: stop reached:
Price dipped below wave 1 high, trade has been invalidated.
