On the above weekly chart price action has corrected 97% since September 2021. A number of reasons now exist to consider a long position. They include:
1) Price action and RSI resistance breakouts.
2) Support and resistance. Price action confirms support on past resistance (see arrow). Look left.
3) GRM support has already confirmed.
4) The falling wedge breakout and confirmation forecast a 5000% move from the breakout point. Forecast is measured from low to highest touchpoints within the wedge (blue circles).
Is it possible price action corrects further? Sure. Is it probable? no.
Next resistance level fails. The first time in the history of this token for that to happen.
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1.20 is the next resistance following the continued confirmation of support on past resistance, 60+ days of confirmation at that 65 cent area.
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A few messages this morning on this one. Will not repeat them here because they are almost a carbon copy of the messages received on the low-market cap AUCTION and MDT trades. The answer to these messages is the same, be patient. Is 8-12 weeks really a struggle to wait for a 10x return?
Also, stay away from leverage. You do not need. Some of the messages asking about futures. Buy a lottery ticket instead, much cheaper and better odds!
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The next resistance is $5 following breakout.
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Typo, next resistance is $8 not $5.. .
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Look how perfect these weekly wedges are on the alt.token pair weekly charts. Share them below or elsewhere if you find them and I’ll study, score them if warrented.
Recently AUCTION token returned 10x, these are fantastic gains. Now I have people asking me if $40 is a good long entry. Yes, seriously.. after 1000% move in two months there are folks opening long positions. This is an example how irrational market participants are.
Here is the wedge on the AUCTION-BTC pair, a weekly chart. Notice the breakout. We measure the target from the lowest to the highest touch points.
Weekly AUCTION-BTC pair
Anyhoo.. I tell you all that to tell you this as the messages for PERP pour in "Time to see WW?"
Week PERP-BTC pair.. well over 10x to go.
P’s, 90% of the public reading this ignore it, emotional reasons etc. We’re using probability. We wait for a 2-day or above sell signal to print and not before. If you're indeed watching that, let me know when it prints!
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48hrs ago folks with buying in at 1.75. If you're going to use emotions for decision making, buy when fearful.
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Past resistance confirms support. Next resistance is around $4.50.
8 day
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For day traders only. Everyone else ignore.
90 minute
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Had a message or two "Signal was wrong", it read. This is why we don't day trade. The point is if you're feeling the urge to open a long position, resist. Why? Look left.
Price action is now up almost 250% since publishing. Since the breakout price action has broken resistance after resistance, it is very likely support will be tested and the first one is it 1.10. That’s a 50% correction from price action as I write this.
On the 2-day chart (below) price action is well outside the Bollinger Band. 95% of the time price action will trade on the mean, currently 95 cents. Is the message hitting home yet? Had a similar message on AUCTION recently @ $45. Would you have longed here on this Bollinger Band reading?
I’m forever writing on my ideas only 10% of folks make money, the remainder put it back in to the slot machine. It is now time to manage risk. I’ll discuss this elsewhere, what we’re going to do. These opportunities are fantastic and anyone can make excellent returns in a bull market but very few hold them. Let’s change that..
Ww
2-day Bollinger Band
2-day Bollinger Band on AUCTION
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How the Bollinger Band statistics never fail. Where is support, can you guess?
5hr
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I've had a lot of messages on this one asking is support is confirmed. What do you think? Yes? No? If so what price was it at? I'll leave the answer somewhere else!
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Be long from 70 cents. And be careful... A 40-30% correction looks likely from current levels.
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Support confirmed.
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Golden long moment, take anything the emotional sellers hand over.
@without_worries, I felt the need to take the sentence "The point is if you're feeling the urge to open a long position, resist". That 5-min spike down to 1.20-1.30 would have volatized most leveraged longs!
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@molbioinfo, Indeed. Hard to believe there were sellers down there. What were they thinking? No need for leverage. If you're sitting in spot you don't care one iota.
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@without_worries, so does that resume the uptrend, or do you still expect a visit to $1.10? Thanks
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@OverBoard, Will answer this one elsewhere.. .working on the January list at the moment.