Here is a setup that could reap large profits if it comes to fruition...
Looking for a retest of previous price levels, along with the RSI to retest its previous low.
The 2 main supports I see are in yellow. It is possible to bounce from the first yellow square. However, I will not open a trade there. If price enters the 2nd yellow zone, and if the RSI enters the second yellow zone, that could be a great trade setup, with a great Risk/Reward profile.
So I am setting a buy order just above 2nd support level (our previous major low), and see if the price reaches in next days.
It very possibly may not, but I will remember to protect my capital at all times, as should you :)
Be selective with what trades you take!
Good luck traders :)
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^ Same chart, but I redrew my lines on the RSI to a different possibility.
In theory, price could rally anywhere between the first and second yellow support zone, and that would be a higher low. Keep this in mind.
For my personal trade, I may ladder in a 25% or so part of my position if/when RSI touches the yellow zone in my 2nd drawing, and price is somewhere between the two blue lines.
Please understand that this would be an inherently higher-risk trade.
Good luck!
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I just realized that saying "touches yellow zone" could be misleading. I drew the zone pretty large so you all can see it. But I'm really looking to buy just above the black line, preferably after a retest followed by strong buy volume. But if you are not able to set alerts and don't have the time to manually make a trade in a timely manner, you can just set buys for the zone (higher risk). Thank you.
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Stay steady
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The RSI bounced beautifully off of the blue support line. I will still wait for it to enter the yellow zone to make this trade
I was hoping the last link would be converted to a picture....
Anyways, here we are with NANO, it is now in the first yellow buy zone. If you are one to ladder into a position, I suppose you could ladder in to 20% of your long here. However, I am going to wait until RSI breaks into the yellow zone to buy, as I still think price can go lower, and has a good chance of briefly entering our 2nd yellow buy zone, where I will open my long. We are very close to breaking support on the RSI if you go to the link above you will see!!
Best of luck traders :)
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The market decided our first yellow zone was enough! We could retrace, though it was quite a convincing candle. I did not get in the trade, but maybe some of you did! It has a great setup I think. I will not update unless I get into the trade in the future. Good luck :)
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I'm calling for a retest of our first yellow zone in coming day or two, and perhaps we will reach the second zone. Patience pays :) Will update
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We are back down to our first buy in zone, right on support. I've got my orders ready for the top of the second zone, let's see if we get there! I bought 10% of the amount I allotted for NANO at this price level.
Sub .0002 is a steal for NANO, I agree there might be a double bottom at that level but slowly accumulating sub .0003 seems reasonable to me. I'll be buying a lot of NANO if it hits your target though. My past charts figured the low was hit and might not get there again. Time will tell!
darth_bitcoin
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@Sabibaby, You definitely have a point. If bitcoin breaks down, I think we will see it, but otherwise it is unlikely!
Willy-Won-Cash
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ok good idea so i wait 1800 ;)
darth_bitcoin
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@pilulle, If you look at the potential of bitcoin breaking support, then it is not impossible ;)
Willy-Won-Cash
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@nicostran,
According to you we are divided bull on the nano?
darth_bitcoin
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@pilulle, Not sure what "divided bull" means. Personally, I'm believe NANO is a good long setup, but as the title says, patience required