bonesca

Follow Up 9 Days later on NAVBTC - Long Call

BITTREX:NAVBTC   NAVCoin / Bitcoin
As expected NAVBTC has been consolidating underneath the 50, 100 and 200 EMA . We saw the 50 v 200 cross as expected following the long pattern established over the last year. The only problem now is BTCUSD is dragging down the entire market and taking NAVBTC with it. However, NAVBTC has stayed within the symmetrical triangle so my call still stands. Within the next week or so I expect NAVBTC to climb to first meet the 50 EMA and then eventually all the way to the top of the triangle resulting in a 2.5x profit and the potential for a breakout from the triangle resulting in an additional 3x gain (the same size as the height of the triangle).

Not noted on my last post, the 100 v 200 EMA have never completely crossed in the past. I think this is something to take into account here for determining when this turn and run to the top of the triangle will occur. In the past they have gotten very close and even overlapped but they have never crossed. If they do cross, then that could be a sign of breaking from the trend. I think this will only occur if BTCUSD continues to dump well past $7,200. To protect against that I have set a stop loss just below the bottom of my triangle.

Good luck everyone!
Apr 03
Comment: How Many times is the bottom of the triangle going to hold up as support?

100 EMA and 200 EMA are on top of each other. Now or never!
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