FA: - Alts going down because of BTC correction. - I think BTC can go near 5200$ in a couple of days (0.618 Fibbonaci Retracement of the last rally). - Many BTC rallys had a 0.618 retracement .
Entry: - Below $2.6. - Great entry due to low price. Its very unlikly the price goes any further down ( wedge triangle support line). - The price it's in a 0.768 retracement of the all-time-high. Price is way too undervalued right now compared to the all-time-high (buy the deep). - Price reached this value a couple of times before. - Look for signs of oversold on the 4h chart to buy. - Can go lower, but it's more important to get a good entry then none.
Target: - Above 4.90$ - Break of the wedge triangle resistance line. - Price reached this value a couple of times before. - Great profit 88%. - Look for signs of overbought on the 4h chart to sell. - Can go higher, but its already a great return. See the follow up below.
Alerts: - Crossing down 2.90$ - Crossing down 2.70$
What's Next: - When the price breaks the wedge triagle pattern it will probably go down to test the new support line. - Then we can enter the trade again for more profit.
Please feel free to comment and give your ideas below!
Trade closed: target reached
⋅
Missed the trade =(
The RSI never reached oversold levels, I was wainting for the 2.60$ (got too greedy) and i missed the entry at 2.80$. I'd be realy happy right now. Hope you got this one!