Analysis:
1HR Chart-
Market Structure:
The market is in what seems to be the start of a Distribution/Uptrend. After a downtrend lasting 522 days, Price went into an 82-day Accumulation Phase between 0.01-0.039. Price breaks out on 1/23/21 and enters an extended range between 0.039-0.05. With support from 200MA, price breaks out for a second time on 2/9/21 to a 1 Month high of 0.08. Over the next 3 days, price this time with support from 10ma makes a series of higher lows into Resistance area of 0.08. On 2/12/21, Price breaks out again to high of 0.10 followed by a pullback to resistance turned possible support area and then finishing the trading day with a series of indecision candles.
Buyer Strength:
- Very short Accumulation Phase compared to Downtrend. 82 days vs 522 days. Creating an uptrend line while working itself out of sideways market.
- Number breakouts. Price has broken out 3 times. After initial breakout, price displays buyers eagerness to buy at higher prices with an extended range between the newly broken resistance area and new high all while securing support from 200 MA. The break out from this ranges conquers the previous Resistance turning it into Support.
- Higher lows into monthly high/Resistance level with Support from 10MA and uptrend trendline.
Area of Value:
The current area of value would be Resistance turned to possible Support area of 0.08. Price bounced off this level several times this past week before breaking above it and pulling back to it.
Entry Trigger:
The end of trading day 2/12/21, ended with 3 entry triggers: Pullback after breakout, the Indecision candles at Resistances turned possible Support area, and the closing day candle’s high breaking the high of the previous closing candle.
Exits:
Stop Loss: Will be set up at 0.0731. If the price falls to this level, it failed to turn 0.08 to Support and broke support from both the 10ma and upward trendline formed from previous higher lows.
Target Level: Will be trailing the 10ma. Will also see how price interacts with the following previous Support turned Resistance areas: 0.11, 0.15, 0.18, 0.22, & 0.28
Entry: 0.90
Stop Loss: 0.0731(-18.8%)
1HR Chart-
Market Structure:
The market is in what seems to be the start of a Distribution/Uptrend. After a downtrend lasting 522 days, Price went into an 82-day Accumulation Phase between 0.01-0.039. Price breaks out on 1/23/21 and enters an extended range between 0.039-0.05. With support from 200MA, price breaks out for a second time on 2/9/21 to a 1 Month high of 0.08. Over the next 3 days, price this time with support from 10ma makes a series of higher lows into Resistance area of 0.08. On 2/12/21, Price breaks out again to high of 0.10 followed by a pullback to resistance turned possible support area and then finishing the trading day with a series of indecision candles.
Buyer Strength:
- Very short Accumulation Phase compared to Downtrend. 82 days vs 522 days. Creating an uptrend line while working itself out of sideways market.
- Number breakouts. Price has broken out 3 times. After initial breakout, price displays buyers eagerness to buy at higher prices with an extended range between the newly broken resistance area and new high all while securing support from 200 MA. The break out from this ranges conquers the previous Resistance turning it into Support.
- Higher lows into monthly high/Resistance level with Support from 10MA and uptrend trendline.
Area of Value:
The current area of value would be Resistance turned to possible Support area of 0.08. Price bounced off this level several times this past week before breaking above it and pulling back to it.
Entry Trigger:
The end of trading day 2/12/21, ended with 3 entry triggers: Pullback after breakout, the Indecision candles at Resistances turned possible Support area, and the closing day candle’s high breaking the high of the previous closing candle.
Exits:
Stop Loss: Will be set up at 0.0731. If the price falls to this level, it failed to turn 0.08 to Support and broke support from both the 10ma and upward trendline formed from previous higher lows.
Target Level: Will be trailing the 10ma. Will also see how price interacts with the following previous Support turned Resistance areas: 0.11, 0.15, 0.18, 0.22, & 0.28
Entry: 0.90
Stop Loss: 0.0731(-18.8%)
Trade closed: stop reached:
Stopped 0.0731 for -18.8% gain