JustChartThings
Long

$SALT.X #cryptocurrency #SALTBTC breaking out

BITTREX:SALTBTC   Salt / Bitcoin
after a nice confirmation of long-term resistance, SALTBTC             looks ready to test ATHs within the week. Strong volume likely means pullbacks will be minimal until we see an exhaustion of demand. Given the current market, this could still provide some considerable near-term gains. Will need to use a position sizing strategy to manage risk here, as risk/reward levels are becoming extended.

The hourly chart below shows some ideas for potentially discounted entry, but given the strength I would be we don't see a lengthy or significantly discounted entry possible before it moves again. Flag here would indicate another 25-30% move higher after consolidation, near 0.0013s - potentially 0.0015s with some FOMO on the next push.



Long-term bias with SALT so these moves are also good entry points for smaller positions long term to trade around.

You can trade SALTBTC             on Binance, a growing platform you should try if not yet already registered; they're currently upgrading infrastructure so you may not be able to register immediately, but the link below should work. Using their token, BNB, lowers trade fees to 0.05%. If interested in registering, I would appreciate if you use my referral link: https://launchpad.binance.com/register.html?ref=10276631. It helps me a little and your fees are the same!

Comment:
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 early at 97k. Didnt expect that the price will explode that big.
Reply
JustChartThings AlekseiLukashevich
@AlekseiLukashevich, can never really tell for sure - it's been a quiet one compared to other coins before today, so it might see continued follow through as people become impatient to buy in. In these situations if you think the momentum will be stronger than a correction, you can always enter 30% position size and upon either correction (unanticipated) or breakout of the flag enter the remaining 70%. In order to mitigate the psych issues with selling too early - plan to scale out, maybe 25% at a time. Either way, in these situations it's more about risk management than knowing the best price for re-entry, especially in a market that is driven very much by momentum that you can't pinpoint the beginning/end of.
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