This looks almost too easy and obvious to Play out but just was going through charts and this looks very weak. Price rejected from the POC (POINT OF CONTROL) which is a very pivotal level on any coin. Using the volume visible range tool on any coin if price is near or at the red line it always always always provides a good level to watch for support or resistances. This basically means that the most amount of trading for this coin has been at the 12.90 price. Why is this helpful? Because if majority of buyers entered at 12.9 and price rejects there then sellers and traders or whales that are holding will either set limit orders at 12-12.9 or they will panic sell at a loss and price will go the path of least resistance.. (down)
Entry is current market price at 11.4
Wick created on the 20D candle so I'm expecting this too AT THE VERY LEAST run the stops set at the 6-7 price level. It may take time but as you can see the volume suggests a buyer capitulation and price loves to sweep under capitulation candles. Especially candles like this with no wick at all. (Why? Because one large investor holding/accumulating cream brought the price up to unload as much as they could in profit or to minimize losses on what they bought higher and when few people buy alot it is those same people that will sell sell sell until price is at or below where they bought. If that makes sense?)
My 2nd take profit might seem crazy or unlikely but most tokens don't find a bottom or begin accumulation until they reach -96% to -98% from the tokens all time high(go through any chart for almost any coin and use the ruler tool to measure from all time high to -98% and you will see that is where coins find support). So I'm expecting cream to eventually go to 2.5-3.5$ or possibly lower.
Sorry if this is not very well said or charted but I saw this from mobile and it looks like a solid trade and wanted to share it!
Entry is current market price at 11.4
Wick created on the 20D candle so I'm expecting this too AT THE VERY LEAST run the stops set at the 6-7 price level. It may take time but as you can see the volume suggests a buyer capitulation and price loves to sweep under capitulation candles. Especially candles like this with no wick at all. (Why? Because one large investor holding/accumulating cream brought the price up to unload as much as they could in profit or to minimize losses on what they bought higher and when few people buy alot it is those same people that will sell sell sell until price is at or below where they bought. If that makes sense?)
My 2nd take profit might seem crazy or unlikely but most tokens don't find a bottom or begin accumulation until they reach -96% to -98% from the tokens all time high(go through any chart for almost any coin and use the ruler tool to measure from all time high to -98% and you will see that is where coins find support). So I'm expecting cream to eventually go to 2.5-3.5$ or possibly lower.
Sorry if this is not very well said or charted but I saw this from mobile and it looks like a solid trade and wanted to share it!