(Inverted chart) Orchid is a decentralized VPN service using blockchain technology to offer a more competitive pricing structure along with a faster service for users. This altcoin has been beat down while Bitcoin ran from 10K to 32K. My thesis for this trade setup is simple, as Bitcoin has its much needed correction I believe this altcoin could make a move to higher prices. The moving averages are currently bullish as the faster moving average is still below the slower one. Another reason to consider the trade is that the Commodity Channel Index is indicating a buy signal relative to my trading strategy. With the market-cap currently trading near 80 Million it wont take much to move this coin to these target prices. Lastly, respect the stop-loss level as Bitcoin could dump and drag the altcoins down with it. If you get stopped out you could always re-enter at lower levels. Don't let the market turn you from a swing trader to a bag hodler.
Entry: $.23
Target 1: $.35
Target 2: $.50
Target 3: $1.00
Stop-loss: Sub .20
Entry: $.23
Target 1: $.35
Target 2: $.50
Target 3: $1.00
Stop-loss: Sub .20
Comment:
Target 1 has been hit for a 50% gain. 👍
Comment:
Target 2 has been hit for 100% gain.