This is a slow moving asset for patient longterm traders. it seems to have been "pumped and dumped" in the past and should be traded with caution. given the recent price action within 6 months of each other i am inclined to believe there seems to be some waves coming. on this daily chart it seems to be putting 5 elliot waves (in orange) of a bigger set (in green). its moving rather slow but the waves are there and the big wave 3 is approaching its target 1.618 target (in green). if i were to go long on this i would wait for the pullback after the completion of the wave 3(in green). it might take some months but sometimes the patience really pays off big. given the depth of the wave 1 and 2 (in green) its POSSIBLE the wave 4 (in green) only retraces to the $1.50 range.I would set alerts and wait as we approach the 1.80 and 1.50 fibonacci retracement targets to reanalyze. the wave 5 (in green) shows a price of $3.50 with the fib fan showing a date of august 2019. this asset pumps hard within days and retraces for very long periods so alerts are key here.could this be another pump and dump? its possible.I would like to say the chance of it pushing up to 2.30 is good but i would not risk going long with the rsi being so high for such a small gain. waiting for the pullback and getting in would be the best scenario. Always use a stop loss in case the trade doesnt go your way.reanalyze then try gain. Minimizing losses is very important. i would look to start shorting this around the $2.25 range down to the 1.80 or 1.50 range
i appreciate your time and really hope this helps someone add to their own analysis
Rigo
i appreciate your time and really hope this helps someone add to their own analysis
Rigo