chrycrypto
Long

SNM 250% profit target

BINANCE:SNMBTC   SONM / Bitcoin
On the D chart SNM             just hit his strongest support line, it corresponds exactly to 0.786 fib point of retracement.

RSI is clearly oversold and just bounced from the channel support.

The confirmation of trend inversion would be the break of both price and rsi channels resistances.

I put targets at 0.000052 (250%) (that is also the previous resistance and 1 fib point) and 0.000075.

It's not easy to predict a bullish inversion during a bearish market and these day Btc             is unpredictable, but chart and rsi look very nice to me.
To be on the safe side you can enter only if it breaks both price and rsi channels resistances.
Comment: Mispell sorry. SONM not SNM of course
Trade active:

We are still around 0.00001614 support, so there is still a chance that it will bounce back up, but price and RSI resistances has NOT been broken, probably next support is at 0.0000113 (22 RSI).
Trade closed: target reached:

First target almost reached ( 239% profit ! )

We are now at 0.5 retracement, we can easily reach 0.618fib ( 0.000028) before next bull run
Its hard to tell for me why would u tell its gonna brake this top resistance u made there and also why this bottom resistance isnt a bit lower like previous bottoms. I hope you are right tho
Reply
@Shaaler, I explaned my thinking. Indicators showed that we may be close to a bounce, 0.00001640 has been a support before (OCT-NOV) and it was exactly at 0.786 fibonacci level. So it could be a nice trade, IF it could break price and rsi resistances ( As i wrote before). Too bad that it could not break resistances, so I fear that it can reach next support. I'm posting an update about it
Anyway thank you for your comment. I'm here to learn so I like to hear different opinions
Reply
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