I don't have an attachment to any asset or project. If a coin presents a good trading opportunity for me, I will trade it. Long or short. It doesn't matter to me. If you are a trader, this is the mentality to have. I don't love REEF, nor do I hate it. I've done MINIMAL research on REEF, I am aware of a few fundamentals that count for 1% of my decision on trading REEF; though, I do think REEF has great potential. With that said, take this idea with a grain of salt.
Before doing so, have a look, my previous ideas (attached links), it could give you an idea about my previous TA ;)
REEF/USDT is currently in an Ascending Broadening Wedge formation. A typical broadening wedge of this nature "should have at least three distinct touches (or near touches) of the trend lines on each side. This helps assure proper identification and performance of the formation."
It typically breaks out to the DOWNSIDE. Do take note of my expected Fib target. Since we are in a Bull run, a few percentages higher are possible, perhaps a TOTAL of 217% profit [That's more than 2x. Don't get greedy]. I project a reversal from those regions to take us to the initial launch price.
My verdict#: Bullish short term - Bearish Mid term - Bullish long term.
Please comment or like if you agree with this idea.
Don't agree with this idea. there is absolutely no reason that reef is going down to 0.01 cents as drawn on the chart. becides the multiple great partnerships, the recent news about the partnership with elrond is going to push the price up in the next weeks and months. now everyone should know that reef is not a scam!
BlacksmithShinobi
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@Vashary, I don't think REEF is a scam, but I do think that anything is possible in crypto. Anyone who has been in crypto long enough, will probably tell you that fundamentals aren't all that important. I do expect REEF to to meet prices close to 0.001, perhaps not as low, but close.
Vashary
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@BlacksmithShinobi, Well, i am in crypto since 2016. Of course there is a possibility but the question here is what's mot likely. And at that point i disagree with you. For your point to play out BTC has to drop significantly which most likely wont happen. And yes, fundamentals are not always the key but they do matter.
BlacksmithShinobi
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@Vashary, I agree with all your points. With that said, I extrapolated an ascending wedge, the probabilities of trend breaking to the downside are around 75%. Failures are possible, i'm denying this. I trade probabilities. Like I said, take the idea with a grain of salt. REEF is high risk high reward, thus, I'm not overly bullish.