HEX / USD COIN on Ethereum (F6DCDC...7B5824)Uniswap v2 (Ethereum)
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(log charts; contains images - best viewed on desktop app, mobile app distorts the size)
HEX currently @ strong support 0.145-0110 (market structure). Today's price reaction looks fine as HEX is starting to bounce. Now if you think the yellow upward channel has been definitively broken, then let's check the weekly chart... 👇 My impression is that the yellow uptrendline (channel lower edge) break could be just fake and price will get back above it in the coming days/weeks. Also on that weekly chart notice the TD Sequential which will print red "9" by the end of this week which is bullish sign.
To sum it up: I think we may be near bottom. So in case the price will go up there are resistances in form of orange and red downtrendline. IF broken and IF HEX will play catch up with the yellow channel upper edge, then we could see another round of insane gains. Why not $7.77? I'm loading the boat.
TA looks bullish and that's enough for me (I'm not even talking about the fundamentals). Will update this idea if I see anything worth it, so don't forget to check later.
Shout out to all HEXICANS! ✌️
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⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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Here we go. Weekly bar closed as sort of pinbar, red "9" on TD Sequential printed. Bullish signs...
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Previous week closed back above channel lower edge and price now being comfortably in the channel, so (as expected) the uptrendline still holds.
On Daily chart the price broke orange downtrendline and then got just below the red downtrendline. TD Sequential printed green "9" which indicates pause or even deeper pullback. Possible re-test of the channel lower edge (yellow uptrendline) or even backtest of the orange downtrendline which would mean drop to somewhere around 0.16.
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Since last update the price broke even the red downtrendline and went as high as 0.35 followed by a sharp drop to 0.22. Now HEX being at strong support created by conflunece of trendlines. Price is retesting the channel lower edge (yellow) and also backtesting the previously broken red downtrendline. The question is wheter the support holds or price will drop even lower to test the previous market structure around 0.192-0.182.
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The confluence of trendlines (support) wasn't able to stop momentum of sharp drop and HEX went even lower to find the (predicted) support zone @ 0.192-0.182. Let's see how this bounce goes. Retest of the support zone (0.192-0.182) possible.
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Going according to the plan. Retesting the support zone 0.192-0.182 and approaching support cluster (lime circle) - confluence of support zone, red downtrenline and dashed yellow uptrendline (see the lower picture to see it whole). Expecting a lot of buyers there.
Yellow dashed uptrendline:
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We are at the support confluence...watch out.
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Price still hugging the red downtrendline, oscillating around support zone 0.192-0.182 and forming white falling wedge. Will it break down to re-test the support 0.145 support first and then up? Or break up straight away?
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Looks like price could breaking up the white falling wedge straight away but I would rather wait for further upside as confirmation. Re-test of the 0.192-0.182 support expected.
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Price finally moved away from red downtrendline and also the break of white falling wedge is now confirmed. Next hurdle yellow dashed uptrendline, then red dashed downtrendline.
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The breakout of the white falling wedge had no upside follow through actually. Price has been attracted by the wedges downtrendlines and HEX dropped sharply back down to the support 0.145-0110. Let's see if it holds. Also price currently at local resistance - confluence of white and red downtrendlines, breaking above would be bullish.
@bizmark, can i ask, why is hex often inverse to BTC action? its often the only green coin during dumps and cools off during btc pumps. I listen to Richard's podcast and I am definitely planning to buy. seems like now is as good a time as ever?
bizmark
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@medreality, good point. Yes HEX goes against the crowd quite often, uncorrelated. Someone may say it's because of the nature of the coin placing emphasis on staking (long-stake locks), so there is less speculative trading then. I don't know to be honest.
This support seems to be good buy opportunity - not financial advice (as always)
medreality
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@bizmark, thanks bizmark! wish i knew about HEX a long time ago. might throw in my money that ive messed up trying to play meme coins LOL
bizmark
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@medreality, yeah being all-in HEX from the beginning was prolly the best strategy 😀