Chains linking: Time for a dumpity dump.
Sell zone: 0.00014xxx- 0.00015xxx
My buy zone: 9600-12000
Green lines are targets 1, 2, and 3.
So what happened? Didn't everything look so "MAGNIFICENT" and "UNSTOPPABLE" but a couple of months ago?
Well yes, it did. In the long term, my view has not changed but who knows when we can eventually break out of this lower price range? I believe that will depend highly on fundamental factors and there is little information about when the main net may be released. However, that is what makes me so dedicated to this coin, as they know they need a product that works as well as possible before they release it, like many shovelware sh*tcoins.
In the meantime, we can use some technical analysis to help us trade through the emotional sentiment in this market.
Firstly, we reached the target of a big bullish wedge at around 15400 sats. Pretty good call right there. That's also the end of a 5 wave impulse structure, or something like an WXYXZ triple wave combo. That also created a pretty nice double top, although we did manage to make a slightly higher high. Personally, I sold before the huge pump as I expected a false breakout as I was watching the bearish divergence. I knew that pumping to the double top region was a possibility, but in this case I wanted to take a conservative entry. Now that just makes the bearish divergence even stronger!
Take a look on the RSI and MACD and you can see that they were going down, as the price was going up. As a result, I have plotted my targets based on past resistance and support.
There's also a nasty looking bearish crossover that could be appearing on the MACD. If this occurs on the daily, it would be a pretty big technical sell signal.
Alright that's it! Hope you enjoyed and hit like to follow the idea to be informed about updates.
Love Etch
My buy zone: 9600-12000
Green lines are targets 1, 2, and 3.
So what happened? Didn't everything look so "MAGNIFICENT" and "UNSTOPPABLE" but a couple of months ago?
Well yes, it did. In the long term, my view has not changed but who knows when we can eventually break out of this lower price range? I believe that will depend highly on fundamental factors and there is little information about when the main net may be released. However, that is what makes me so dedicated to this coin, as they know they need a product that works as well as possible before they release it, like many shovelware sh*tcoins.
In the meantime, we can use some technical analysis to help us trade through the emotional sentiment in this market.
Firstly, we reached the target of a big bullish wedge at around 15400 sats. Pretty good call right there. That's also the end of a 5 wave impulse structure, or something like an WXYXZ triple wave combo. That also created a pretty nice double top, although we did manage to make a slightly higher high. Personally, I sold before the huge pump as I expected a false breakout as I was watching the bearish divergence. I knew that pumping to the double top region was a possibility, but in this case I wanted to take a conservative entry. Now that just makes the bearish divergence even stronger!
Take a look on the RSI and MACD and you can see that they were going down, as the price was going up. As a result, I have plotted my targets based on past resistance and support.
There's also a nasty looking bearish crossover that could be appearing on the MACD. If this occurs on the daily, it would be a pretty big technical sell signal.
Alright that's it! Hope you enjoyed and hit like to follow the idea to be informed about updates.
Love Etch
Comment:
**Target 1 reached!**
Comment:
Next day and target 2 already reached. Make sure you leave a like if you want to see more of these!
I'll be honest, this has been a much more brutal and fast dump than I expected but it could also be caused by the Craig pattent FUD that has been circulating Twitter, and lack of response from the team. Depending on this daily close, we could see the 50EMA act as a resistance level, or if it breaks we're in for some more serious selloff.
I'll be honest, this has been a much more brutal and fast dump than I expected but it could also be caused by the Craig pattent FUD that has been circulating Twitter, and lack of response from the team. Depending on this daily close, we could see the 50EMA act as a resistance level, or if it breaks we're in for some more serious selloff.
