MCO price has entered the 1 day ichimoku cloud which is signal for a high probability for an edge to edge cloud trade. Other bullish signs are the cloud thinning towards a kumo twist, and looks set for a tenkan kijun recross(Blue line crossing over red)n and the lagging span is above the cloud. Generally the best entry is price above cloud, cloud is green or twists green, with a TK cross above the cloud and with lagging span above cloud and price, but we are looking for signs of momentum after consolidation after price bottoming out and it seems altcoin season is back. The signals now are showing early sign of bullish movement. Either way where we are now price wise our stop loss is pretty close to our entry point giving a good risk to reward ratio. Using setting 20,60,120,30 in order to properly account for the 24/7 cryptocurrency market compared to the monday to friday stock market and then doubling the setting to reduce noise from signals.
Besides just using Ichimoku, you can see a large price consolidation after downtrend from November to December, with increasing volume and higher highs and higher lows since then.
The cloud is very thick so instead of setting our first target at the top of the cloud, aiming for a previous high of 0.0021 satoshis gives a good 90% gain.
Entry 0.00110000 satoshis
Stoploss- 0.0099000 satoshis(-9%)( this is a little bit below the cloud where there is some horizontal price support. We have room to set our stop a little lower here because of our low entry and also there can be some large candlesticks in crypto which can stop people out before big moves. )
Target 1- 0.0021 satoshis- (94)% giving a nice risk to reward ratio of 10:1
Target 2 is top of cloud- 0.0034 which is about 300% above where we are now.
Comment
⋅
final target would be previous all time high which is over 0.0062 which would give over 500% gains from this entry point
Comment
⋅
Stoploss is 0.00099000 not 0.00990000. 3 decimal places after 0 not 2.
Comment
⋅
Price flirting with the stop loss recently.Price is below cloud, and below tenkan on the daily, both bearish signs. May not be monacos time yet
I will try this one as I really like that MCO is back by a real world product. There an error on your stoploss I think? Should be 0.00099 instead of 0.0099.
derpydyderp
⋅
@Jeremiedf, Yea youre right Jeremie, thanks for pointing that out, I've updated the stoploss. Yea having a a real product adds to the fundamentals of the project which will usually help the technicals aka the price in the longterm. Thanks for the input
UnknownUnicorn1182588
⋅
It's definitely a promising product, but I am also quite interested in the short term view. What do I have to expect there?
derpydyderp
⋅
@xyzj12, Wtf do I look like. Go figure out for yourself
UnknownUnicorn1182588
⋅
@InTheBellyOfCharonsWhale, relax:)
Leirithias
⋅
@xyzj12, HAHAHA. what kind of response was that :D