Hello, hope you all are safe and doing good. Today I am publishing my idea on DENT, which to me, has been quite interesting to follow. In general, you can make good money with it. I will mention two scenarios and give the reasons for both. In general it has followed a downtrend channel, with two areas. It recently jumped from the the low area to a higher one in the downtrend channel.
FIRST SCENARIO- It has the number 1 in the chart. This scenario has the chance to play out more than the other one. It looks as it has played a small bullish move for the future and the long term, and it actually did. I see it prolly very profitable in the close future. But as for the short, I RSI indicators and many other indicators show that it could make e rejection at the blue line, dropping in a small are of support and then after a small jump going to the other line of support (white line) to relax the indicators for a move on the high level. In the short term I see it trying to go to 0.0097, but a rejection there would take it to 0.0077-0.0081 area and more rejection would take it to 0.0054-0.0056 area. In general it must not close under the orange line for the long term scenario as it looks as it is forming a cup pattern.
SCENARIO 2- In this scenario, if a good volume is put through it, it could break up to 0.0019-0.002 area, a retest and period of consolidation there, in order for a jump to new highs and new ATH. if this one happens (do not get twisted with a fake out in that area, be careful when to enter, it needs to retest there), in short term will be bullish, but in mid term it may turn quite bear at some point, and you need to be careful. But I see that RSI needs more relaxing, so if this moves happens, it will be good for the short, but not good for the mid term.
If you have any comment or idea, share it with me. Be careful trading, be smart and patient. Good luck. :)
FIRST SCENARIO- It has the number 1 in the chart. This scenario has the chance to play out more than the other one. It looks as it has played a small bullish move for the future and the long term, and it actually did. I see it prolly very profitable in the close future. But as for the short, I RSI indicators and many other indicators show that it could make e rejection at the blue line, dropping in a small are of support and then after a small jump going to the other line of support (white line) to relax the indicators for a move on the high level. In the short term I see it trying to go to 0.0097, but a rejection there would take it to 0.0077-0.0081 area and more rejection would take it to 0.0054-0.0056 area. In general it must not close under the orange line for the long term scenario as it looks as it is forming a cup pattern.
SCENARIO 2- In this scenario, if a good volume is put through it, it could break up to 0.0019-0.002 area, a retest and period of consolidation there, in order for a jump to new highs and new ATH. if this one happens (do not get twisted with a fake out in that area, be careful when to enter, it needs to retest there), in short term will be bullish, but in mid term it may turn quite bear at some point, and you need to be careful. But I see that RSI needs more relaxing, so if this moves happens, it will be good for the short, but not good for the mid term.
If you have any comment or idea, share it with me. Be careful trading, be smart and patient. Good luck. :)