without_worries

Flamingo / BTC - Bullish divergence + volume

Long
BINANCE:FLMBTC   FLM / Bitcoin
417 views
9
Antshares all over again?

Do you remember Antshares in 2016 that was later renamed as Neo? Flamingo feels like Déjà vu all over again. It is a decentralised finance (DeFi) platform based on the Neo blockchain. Furthermore the founder of Flamingo co-founded Neo. Stumbled upon this alt-coin for no other reason than the interesting TA whilst scanning through the alts, so don’t worry this is not an attempt to beguile you with fundamentals.

Following two oversold conditions on the above 1-day chart there now exists an ‘incredible buy’ opportunity as a regular bullish divergence emerges. The divergence is also visible on the USD chart. In addition to the divergence the volume during the consolidation period over the past two months is unusually high for a project of this market capital (<$24m). Someone or group knows something I don't.

Target? I’ve no idea - there’s no history to work with. However given the volume and current market capital I would not be surprised if we saw a 50x return.

Any questions just leave them below.
Trade active
Trade active: Strong support on the 21-day following the pullback.

Trade active: Easy 40% gain to be had here as price action returns to resistance for the 4th test.

My charts are free to all and only an opinion... please do your own research.

My sources of motivation:

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Zcash
zs1uwzwct03s8q5n4tlj6x8x26kq55034gyhhz2q5p84p4jsj4jhvjpvam7qnsvu4xm5y3ayyjdwzx

Comments

I am in on this one. Defi coins are going quite well (looking at you LINK). Lets see how it unfolds

Thank you for the analysis
+1 Reply
ricardo_santos ricardo_santos
@without_worries another great analysis! 30% profit and I am out.

Thank you once again!
Reply
without_worries ricardo_santos
@ricardo_santos, Well done!

I'm expecting a continued uptrend until March.
Reply
Have you decided on any targets for this one yet? Curious your thoughts. Have been holding since your first call on it 🙏
Reply
@RealNFT, I try to avoid two things, targets & dates - timing the market is a skill that becomes to very few - whom are more likely controlling it.

What I can say is I'll update the idea when price action becomes overbought. I expect 1800 sats without a problem given the current formation. As for time, I'm expecting many alt-coins to become overbought between mid-March to Mid-April.

The market will always give you time.
Reply
RealNFT RealNFT
@without_worries thank you for sharing your knowledge, I appreciate the insight!
+1 Reply
The SWTH-team was also involved with FLM, I’d have a look at them too. To me it’s a no-brainer..
Reply
I like this idea, lets see how it goes. Thank you
Reply
without_worries yipcode2018
@yipcode2018, No worries - Bullish divergences everywhere at the moment, some more than others. Those with 'accumulation volume' over the past couple of months are less so, which makes ideas like this all the more interesting. As you say, lets see how it goes.
Reply
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