ninjacookies
Long

*LONG* SALT : Descending Triangle: Breakout Imminent!

BINANCE:SALTBTC   None
Salt has been correcting over the past week+ as the profit takers do their thing and the market consolidates.

But the breakout is coming. Very, very soon.

We have a fair sized descending triangle . A break now would take us to the indicated TP. However, if the price breaks lower, the next level of interest support is indicated at 692.

I believe we will have a break between now and then.

RSI is ripe for possible short and long term reversal and MACD is making a beautiful swooping motion on the 4hr.

I will post a larger picture in the comments below, but if this goes according to plan...we are going to have a massive cup formation in the making which will provide for epic profit potential.

Comment:

The bigger picture.
Comment: Getting awfully close to a clear breakout.

Need further signals?



Double bottom and bullish divergence on the 30 minute. This is looking very good and should take off any minute now.
Trade active:

I believe we can call that a breakout.


Closely monitor the btc price, as another rally will inevitably interrupt most alt's rally.
Trade closed manually: Bitcoin made a nice little bull run which crashed most of the alt market. Unfortunately things like this happen in crypto. Correct fundamentals ---> spoiled milk. But congrats to those that made some profit during the rise.
Trade closed: target reached: Well. Ironically, after I closed out the trade, it ended up nearly hitting our target. So I guess a partial victory? Ha. The crypto landscape can be weird and unpredictable!
Mate, how do you think, how far will salt correct now after this huge pump from 80k till 110k satoshis? Can it retrace till 90k-95k satoshis range? I sold too at 97k. Didnt expect that the price will explode that big.
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ninjacookies AlekseiLukashevich
@AlekseiLukashevich, I think you definitely made a great move taking profits at that price! I expect it to consolidate a big and form a potential bull flag/pennant at around the 90k to 100k range. Market is very volatile right now with BTC's mood swings, so I commend you for not chancing it. Great profit.
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ninjacookies ninjacookies
@ninjacookies, I mean to say *a bit.*
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@ninjacookies, yes, its good profit. but still that 38% in price increse in 45 minutes makes me sick. I never expected something like that. this market is crazy
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very accurate, sir!!
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@Imin, Thank you my friend! Here's hoping BTC won't hinder the moon rally!
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