I have been following this one closely since trading it to perfection in its Binance debut pump last June. This coin along with many of the other binance IEOs from 2019, excluding Matic, have been taking a beating in this prolonged bear market for cryptocurrencies. Many were released near bitcoin’s top of 2019 rally in June and have produced some ugly charts. This is a high risk high reward trade that I have a relatively small position in. I’m looking for the long term here. Even a dead cat bounce should send this up towards 0.00000080
BTC, assuming we are forming a temporary bottom here at .0000003-34 BTC. However, the bottom is not guaranteed to be in yet as any type of trend reversal is far from being confirmed. Again my position is small and will be willing to add more if the charts continues to show strong divergence on the next leg down.
BTC, assuming we are forming a temporary bottom here at .0000003-34 BTC. However, the bottom is not guaranteed to be in yet as any type of trend reversal is far from being confirmed. Again my position is small and will be willing to add more if the charts continues to show strong divergence on the next leg down.
Comment:
The Fib retrace is not going to act as usefully on this scale for upward targets unless a bullish reversal trend is confirmed in the coming months and the bottom is confirmed in this lower 3 satoshi zone. A fib retrace using the more recent peak from the 12/1/19 to determine a more short term trade from that swing high to an established swing low. If the bounce does come in at these level we can expect a retrace to the 5-6 satoshi range in the short term.
Comment:
The previous comment was poorly written, to clear up the confusion, what I meant to write was to set up shorter term trading targets, use a fib from the more recent swing high of 113 satoshis in early December to this swing low of 30 satoshis. 50-60 satoshis should serve as a good short term target. As of now I am in this for the long haul.