alanmasters

Everex Support Found? Falling Wedge & Upside Potential (355%)

BINANCE:EVXBTC   Everex / Bitcoin
My last Everex trade idea was a SHORT, but don't get me wrong, I am bullish on Everex and the entire cryptocurrency market long term... and ALWAYS.

For example, our Everex ( EVXBTC ) trade generated massive gains, you can see the results here, over 400%...
Now, we are here because Everex ( EVXBTC ) has reached the 0.786 Fib. retracement support from the last bullish wave, which is a very important support level for most altcoins when they are retracing, a bounce can easily happen near the current price.

So feel free to hit like now, and let's take a look at the Everex chart together.

  • We have a falling wedge pattern on the above chart which is a bullish pattern . This type of pattern can lead to a breakout to the upside if it plays out.
  • The MACD is starting to curve, clearly, and has the potential to move up.
  • The RSI hit its lowest in 1.5 years.
  • Volume is really low, EVXBTC can still go lower.
  • I am looking at MA200 (black line) as main support for a bounce if EVXBTC goes lower.


What happens next?

EVXBTC right now is trading below EMA100 (0.000125) and has EMA200 (0.000108) as support. If EVXBTC closes below EMA200, then you can expect the black line to be tested (0.0000907).
But, if EVXBTC can remain above EMA200/0.786 Fib. then it can bounce from here.

The main signal to look for on a move to the upside is a high volume breakout above EMA10.

My view: I believe that EVXBTC can go lower before jumping up. I think we will see some bullish action for most of Binance altcoins in a matter of weeks.

I will be sharing many trades in the near future for some of the most famous altcoins on major exchanges. If you want to see these trades make sure to hit like...
Thanks a lot for the amazing and continued support.

This is Alan Masters.

Namaste.
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