drgorogbalazs

MTLETH Binance Buy Opportunity

Long
BINANCE:MTLETH   Metal / Ethereum
Buy MTLETH now. On 23rd January price first closed above Donchian's previous day' s upper line. Yesterday (14th March) the candle closed above again - moreover it was taking off MA200. We have a new uptrend and we are potentially entering into an impulse wave 3. RSI in bullish territory. PVO is rising.

Fib 2.618 or 3.618 can be targets. 2.618 is confluencing with a resistance zone however bullish markets tend to break resistance whilst supports hold. 3.618 can be target for longer term and with patience - this puts target under 0.0058 - e.g. 0.005699.

You can use 5-7% of capital. SL can be under wave 2. bottom or when daily candle closing below Donchian's lower border - at the latest 0.00205. RR: 1:6

Please trade carefully and only with money you can afford to lose! Thank you and comments are more than welcomed!
Comment: MA200 was broken with strength - price reversed off of the resistance zone from 0.0043 levels. Now this might have been a subwave 3. of a broader wave III. and currently we are in a subwave 4.

We can look for further buying potential at 0.00335 levels where the subwave 4 may complete at 0.5 fib level of bullish swing. There can be a subwave 5 to develop with targets between 1.272 and 1.618 fib. 1.272 is well aligned with the original target at 0.0058.

After which a retest of 0.0043 levels as a wave IV and go for 0.01 resistance as a wave V can be a likely scenario.

Daily DC lower line is to be followed for SL rules now if daily closes below previous days DC lower line.

Comment: Retracing to previous resistance - now support and 0.382 fib of overall bullish move. That is a quite deep retrace actually though the potential uptrend has not yet been invalidated.
To completely invalidate new uptrend price would need to break MA200 and close below previous day's lower line of DC. This currently means closing under 0.00246 per my setup and strategy.

Trade closed: stop reached