The coin bounced off the strong daily chart Fibonacci support at $5.6 and broke the downtrend line. For the first time in weeks the price stand above the long term EMA89 period. This indication seems to signal the finish of the BEAR market cycle and making a new BULL move.
On this chart which is the 4H the coin retrace back to 618 Fibonacci at $7.2 which whom were the fast traders would have had enter one portion of the position. Those trades can be hold if this coin breaks $8.8 which also open up an opportunity for those who missed out the first entry.
If the price decide to move up breaking the previous high at $8.8, the target can be at the first resistance is at $9.7, and our target at $11.7.
So its always calculated risk and rewards, where in this set up theres $1.6 on the downside and $3.0 on the up side so its about 2:1 (risking of losing one and gainning two).
Note: New entry which break $8.8 area have a stop at $7.2
Feel free to leave a comment. :)
Best of Luck
On this chart which is the 4H the coin retrace back to 618 Fibonacci at $7.2 which whom were the fast traders would have had enter one portion of the position. Those trades can be hold if this coin breaks $8.8 which also open up an opportunity for those who missed out the first entry.
If the price decide to move up breaking the previous high at $8.8, the target can be at the first resistance is at $9.7, and our target at $11.7.
So its always calculated risk and rewards, where in this set up theres $1.6 on the downside and $3.0 on the up side so its about 2:1 (risking of losing one and gainning two).
Note: New entry which break $8.8 area have a stop at $7.2
Feel free to leave a comment. :)
Best of Luck
Comment:
7.2-7.5 support zone
Trade closed: stop reached:
Our stop has been reached so we stay discipline and protect the capital. However theres no signal of reversal to bear market yet as this is just the only re visit of the down trend line (which now acts as support) that it had been broken previously. Will keep update on OMG.