HEX Breakout
Just days ago I posted an idea on HEX and how we wanted to wait a little while before seeking any longs.
Well now, it may be time to seek longs as it has now checked off 2 major boxes from a bullish standpoint:
1) In the last 24 hours HEX has broken out of our bearish downward sloping trendline and is about 30 minutes from confirming on the daily time frame.
2) It has beautifully found support at the .236 fibonacci level and it appears to be exiting its distribution phase and entering an accumulation phase that would give it the base it needs to begin a markup in price.
These 2 simple yet powerful reasons are enough to open a position for a long with a target to our swing high at $0.171 and a tentative profit taking target at $0.1593.
There is also a lot of support below our .236 fibonacci level so feel free to use stop losses as your own gut tells you to.
Well now, it may be time to seek longs as it has now checked off 2 major boxes from a bullish standpoint:
1) In the last 24 hours HEX has broken out of our bearish downward sloping trendline and is about 30 minutes from confirming on the daily time frame.
2) It has beautifully found support at the .236 fibonacci level and it appears to be exiting its distribution phase and entering an accumulation phase that would give it the base it needs to begin a markup in price.
These 2 simple yet powerful reasons are enough to open a position for a long with a target to our swing high at $0.171 and a tentative profit taking target at $0.1593.
There is also a lot of support below our .236 fibonacci level so feel free to use stop losses as your own gut tells you to.
Comment:
HEX to close the day today may very well find its way back inside of a fib retracement range. However at this point the only thing that could make me get bullish on this I said again is a confirmed break and candle clothes above the .236 Fibonacci level which is $0.1294. Anything below that is still bearish until the bulls can prove again that they can break that level and hold above it.
Im doing this update because I see this idea is still getting a lot of views, so I wanted to inform those interested in this asset that I personally am not looking for anymore longs. And due to the fact that this cryptocurrency is now getting rejected by the bottom level of the fib, that actually now makes this trade an ideal short.
If you can find an exchange that has shorting HEX as an option as I do not believe there are many, you could be in for a very large profit trade as there is nothing to support the price until around $0.1027.