AponSOKS1978

Rounded Bottom idea with Parabolic Curve Theory for POLYBTC

BINANCE:POLYBTC   Polymath / Bitcoin
This is a personal research and idea for investment. DYOR and TIT...

This is Polymath $POLY coin against BTC pair on a hourly chart .

ABBREVIATIONS
Rounded Bottom (RB)
Parabolic Curve Theory ( PCT )
Price Action (PA)
BTC ( Bitcoin )
T/K (Tenkan/Kijun; Blue/Yellow lines)
Sats . (Satoshis)

:::DISCLAIMER:::
This is a short-term pattern that will develop exponentially growing price action as it starts to close the cup. It has the characteristics of a PCT structure as it has panic sold these last two weeks describing a parabolic descending curve and bottomed.
As I'm looking at this chart and describing my idea I'm very conscious that events like news catalysts and BTC volatility can deviate it off its course and make price action break out of pattern invalidating or at least demanding a reassessment of the idea.

TIME/PRICE PROJECTION
Pattern start: End-May 2021
Estimated end: Mid-June 2021 (about a week after publishing)
Price tag at time of publishing: 643 sats .
Expected price tag at end of pattern: 976+ sats .

Safe trailing take profit area: Recommended trailing take profit at 903 sats . or .786 fib.

TECH INDICATORS
Ichimoku indicators:
-Bullish Kumo cloud.
- Bearish PA, needs to break up over the Kumo cloud.
- Bullish Tenkan over Kijun Sen.
- T/K cross up the first days of May, also bullish nuance.
- Bearish Chikou lagging span below cloud, needs to break up.
- Parabolic SAR below the PA, bullish nuance.

Trade at your own risk...

NEWS CATALYSTS AND BTC VOLATILITY
No news or events upcoming.
Mildly affected by BTC dips.

EXPECTATIONS
I expect a completion of the pattern if BTC doesn't pull PA out of pattern. If it does, this idea may need to be revisited.
ATM there's a measured move if PA breaks out of the bull flag shown in the snapshot below. Measured Move equals about 54% profit.

Comments