Mushroom stocks have the potential to be a huge hype market driven by crazy retail speculators and nonsensical charlatans. The appetite is there for a new hype market like this, so I'm looking at EMA retests before entering in for swing(s).
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The daily chart looks like it will be setting up for an equilibrium pattern (i.e., tightening range of higher lows and lower highs). It is lining up with $4 psychological support right now. Since hourly EMAs have already been played out, I would be zoomed out on 4H and daily charts, looking at EMAs there. Check out the daily EMAs on the right hand side here; it looks like the 12 EMA support is in play. tradingview.com/chart/z89YqTJc/
@cryptochemistry, thanks for sharing. What would you see as your entry price zone in this case ? Definitely speculatively overbought in the past days, so this pull-back was expected. I would personaly want it to get back to 4$ before re-entering, but not sure it will get down there.
cryptochemistry
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@johnvee1111, Hey John, so at this point I would want to play some long term touches on EMAs. I like the 12 and 26; these work well for me in crypto, and I believe they are inputs to the MACD calculation (I don't use MACD, but that is where the numbers 12 and 26 come from I believe). The daily chart looks like it will be setting up for an equilibrium pattern (i.e., tightening range of higher lows and lower highs). It is lining up with your $4 comment. Since hourly EMAs have already been played out, I would be zoomed out on 4H and daily charts, looking at EMAs there. Check out the daily EMAs on the right hand side here; it looks like the 12 EMA support is in play!