OCEAN UPDATE 1hr - Stability at $0.37, temporary high at $0.57
We've been doing alright so far on OCEAN. I have my trades below the chart. You can see we are just over 300% net profit from the start of this year Jan, 2023. This is what we have been using for our trading algorithm. I follow the exact trades for my personal wallet as stated in the trade history.
In terms of TA strictly looking at liquidity and volume, the coin right now is waiting to move to either direction.
The yellow zones are where the purple lines are drawn. These purple lines represent major liquidity zones (where high volume trades happen, indicated by the wicks on Daily/Monthly/Weekly candles. They also include Support and Resistance zones on larger time frames. Both together form these purple zones).
In other words, given the volume and historical data at these zones, prices wants to naturally go towards that. Now, the current price is above the major yellow zone. The higher level at @ $0.57 is not a major support or liquid zone. This coin is trying to get there, but even if it does, it won't stay there for long. Because the next big liquid zone (where lots of people are waiting for trades) is at @ $0.72. It seems a little unlikely.
What's more like to happen? Price will drop as seen in the black arrows, but only to gain the liquidity to push it again higher with greater momentum.
We are still long on the trade, as we are confident that even with the dip in price, which might be to $0.44, the price will stabilize @ $0.37. This is still quite a good improvement, and then from there the next move would be to 0.72.
If you're interested in the actual algorithm that we use for our trades, which is separate from the chart analysis or TA analysis, then write a comment below
In terms of TA strictly looking at liquidity and volume, the coin right now is waiting to move to either direction.
The yellow zones are where the purple lines are drawn. These purple lines represent major liquidity zones (where high volume trades happen, indicated by the wicks on Daily/Monthly/Weekly candles. They also include Support and Resistance zones on larger time frames. Both together form these purple zones).
In other words, given the volume and historical data at these zones, prices wants to naturally go towards that. Now, the current price is above the major yellow zone. The higher level at @ $0.57 is not a major support or liquid zone. This coin is trying to get there, but even if it does, it won't stay there for long. Because the next big liquid zone (where lots of people are waiting for trades) is at @ $0.72. It seems a little unlikely.
What's more like to happen? Price will drop as seen in the black arrows, but only to gain the liquidity to push it again higher with greater momentum.
We are still long on the trade, as we are confident that even with the dip in price, which might be to $0.44, the price will stabilize @ $0.37. This is still quite a good improvement, and then from there the next move would be to 0.72.
If you're interested in the actual algorithm that we use for our trades, which is separate from the chart analysis or TA analysis, then write a comment below
Comment:
Major resistance hit