TradingView
ninjacookies
Jan 4, 2018 6:02 AM

*LONG* SALT : Descending Triangle: Breakout Imminent! Long

Description

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!
Comments
Alkyona_
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.
ninjacookies
@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.
ninjacookies
@ninjacookies, I mean to say *a bit.*
Alkyona_
@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
Imin
very accurate, sir!!
ninjacookies
@Imin, Thank you my friend! Here's hoping BTC won't hinder the moon rally!
More