Deftsuo
Long

PHX/BTC could look to move higher following consolidation.

BINANCE:PHXBTC   None
PHX/BTC had an insane run to 1000 sat's yesterday. Now, we are consolidating and could look for another move up soon. As shown by the chart, the .382 fib level around 500 sat's has acted as a support zone so far for the most part. I'll be watching for a break above 614 and 690 with conviction, respectively. We saw GO/BTC have a similar initial move, consolidate, then move up higher then the initial move. There is a chance PHX/BTC could be similar in that regard.

Entry: 485-540

Target 1: 614 (.618 fib level)
Target 2: 690 (.786 fib level)
Target 3: 787 (1 fib level)
Target 4: 910 (1.272 fib level)

SL: 460-470 (below the recent low around 480.)

These targets could be exceeded if we really get some nice momentum and buying pressure (as we've seen with other coins that have similar circumstances.)

--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility .
Oct 28
Comment: Examples of other coins moving up if not higher following consolidation (I'm aware causation does not equal correlation, but it is worth noting given their similar price and market cap):
GO/BTC: DOCK/BTC:
Oct 28
Comment: DOCK/BTC prior to the above image:
Oct 29
Comment: Market broke down and most of the alt's followed. PHX/BTC is finding support at my .236 level around 440. Watch for that to break; as for if it does, we will probably see it move down to the mid 300's where it'll get support from some of the 4-hour EMA's. If we get a break up, there will most likely be resistance around 510, 560, and 614. The 4-hour has a nice green candle forming right now, so if the market starts to turn around, we could see that develop into something worth taking note of.


Oct 31
Trade closed: stop reached: Broke our initial stop at 460-470 and then broke below the .236 fib level around 440.
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Comments

update?seems to have broken down no? or expected for another pump
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Deftsuo gyphorz
@gyphorz, Whole market is down aside from a select few coins. Gotta see how the market developes this week. Getting less confident the longer we linger though.
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Hey fella, where are you pulling that fib retrace from? I know there are multiple ways to
Use the tool, but it appears you could use a good tutorial. I’d im missing something, fill me in. We can all learn from each other. Respect.
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Deftsuo Meteor_Hammer
@Meteor_Hammer, I look for area's that accurately reflect the price action. I understand how to properly use fib charts, but in this instance, I drew it where I could get the most consistency out of the limited data I have for PHX/BTC. As you can see, my .382 has had almost 5 perfect bounces, and .786 has acted as perfect resistance twice while the .5 fib has shown consistency 3-4 times as well. I'm completely open to being way out of line; as for this is just my opinion and viewpoint and I acknowledge I do not know everything and could be completely wrong here.
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