SimpleCryptoLife

🔥HOTBTC ready for next leg, 4-8-5-10-7-12 is perfect Fibonacci

Long
BINANCE:HOTBTC   None
HOT is an asset I'm fundamentally bullish on. Something something alternative form of blockchain.. too smart for me to understand, but I know some talented traders did research on it, and Weiss Ratings also called it ages ago.
I bought some at 5 and 6 sats when it looked like it had bottomed. I intend to swing it up as far as it will go. My first take-profit is 12 sats.
Another entry (and this is not financial advice) would be 7 sats, if you can get it, and here's why.

HOT loves Fibonnacci levels. I could take you back through the chart, but you can just draw it yourself. Specifically, 1.272 extensions and 0.618 retracements. It's uncanny.

So, 4 sats was the bottom. Next move is clearly the impulsive one.
8 sats was the top of leg 1.
A 0.618 retrace is somewhere between 5 and 6 sats, which we hit to complete leg 2.
A 1.272 extension is 10 sats - yup.
A 0.618 retrace is 7 sats. We hit that already. We could expect some more consolidation around here, which is the suggested entry.
Yes it might wick to 6 sats, which could be the only way of getting filled bang on 7. If I can't get a bid on a low-sat coin like HOT filled at the sat price I want, I'll consider looking at the USDT chart.
So the question is - where's leg 5? Assuming nothing crazy happens in BTC or the wider economy (again) we should head for a 1.272 extension between 13 and 14 sats. My 12 sat target is the more conservative 1.0 extension, or, me making sure of getting my ask filled f we touch 13.
If that plays out, I'll be looking to rebuy lower and do it all again.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.