Hi all,
this is my first trading idea. I would love to hear some feedback. Please also note that it only trades for 250k / day.
Looks like DCT is stuck in a bear channel. I think it found its bottom recently at about 11900 sats and made a nice breakout attempt (first green circle). Now its trading in upper half of the channel, heading towards bottom line again (second green circle). I expect it is going to make a breakout at that point simply beacause price cannot escape downwards.
My target would be fib line (t1) where it should find some selling pressure and possibly heading towards T2 if bullish trend forms. T2 is next fib line which was also supportive / gave resistance in the past. Stop loss around 11500 Sats (bottom line theory = wrong, DCT continues channel).
Looking forward to opinions!
PS Note that this is just an TA attempt, I am not considering any news or something which could shake everything at this low mcap.
EDIT: T2 slipped a bit, should be more around 0,00028500
this is my first trading idea. I would love to hear some feedback. Please also note that it only trades for 250k / day.
Looks like DCT is stuck in a bear channel. I think it found its bottom recently at about 11900 sats and made a nice breakout attempt (first green circle). Now its trading in upper half of the channel, heading towards bottom line again (second green circle). I expect it is going to make a breakout at that point simply beacause price cannot escape downwards.
My target would be fib line (t1) where it should find some selling pressure and possibly heading towards T2 if bullish trend forms. T2 is next fib line which was also supportive / gave resistance in the past. Stop loss around 11500 Sats (bottom line theory = wrong, DCT continues channel).
Looking forward to opinions!
PS Note that this is just an TA attempt, I am not considering any news or something which could shake everything at this low mcap.
EDIT: T2 slipped a bit, should be more around 0,00028500
Trade active:
4h candle closed above trendline with some momentum going
Comment:
There is a small pennant forming, I expect it to Hit t1 within a couple of candles after breakout. However, I raised my stop loss to 14750 In order to take profit break turns bearish.
Trade closed: stop reached