As the chart suggests, its broken the main resistance and currently has a nice pullback and potential bullish flag forming on an uptrend. Yes, it looks like a cup formation.
How to trade this? On the 4 HRLY Enter after a bullish candle or bullish formation on the lower time frames.
All the best,
S.Sari
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any more deeper pullback, then it becomes too deep.
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H.chart
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z.chart. found the support area
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its hit my target.
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Reason for the target a) 1.618 extension and b) height of the structure.
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Note how we use the 8hrly and the 10/20 EMA. We still have upward pressure on the 8 hrly hence why I have taken only 50%. Depending how this closes on the 8 hrly, we can potentially go more. We have no bearish divergence which is a good sign.
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It didn't occur to me that I should look at the BTC pairing chart and it looks impressive. Bullish on the weekly so its likely to go up more. However the RSI at this point looks like its hit a resistance on the daily. One cannot be sure as to how to take this. I prefer a pullback before jumping more funds in but I still have 50% of my initial investment still in. If it breaks this level both RSI or fib, we should see more significant gains. So either wait for the pullback otherwise wait for the breakout.
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I was out yesterday with the other 50% remain towards BTC. After today...it would have been better to have had THETA. Question is, is this it? I will stalk this for the next pullback.
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Just to close this off. The 50% remaining I had was overlooked. I thought I had sold it for BTC. With pure luck on my side, I was able to sell at a heigher gain. It happens. Anyway, I think its topped itself on this and not likely to make any significant move. I should have shorted now thinking of it...lol.
Thanks for your updated! Could you please advise when we can buy it again? Thanks
ssari
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@ThuyChi, Its based on the cradle strategy. Currently we are using the 10/20 EMA as the support on the 8 hrly, until this is broken, we go with the trend. However we need to take some profit as some major targets will lose ground and hence you don't want to miss out. Now looking at this chart, we have this as a target for a 2 good reasons. A) 1.618 extension. B) its the height of the impulse . So I have taken 50%.
If and when it does pull back, we need to see, if it holds the 8 HRLY chart with the 10/20 EMA or will will have to go to the daily. This strategy is called the "Cradle method" and we trade with the trend.
Since we don't have much history on this coin, its now difficult to know how high it can go and what the target can be so you have to take it as it comes.
@ThuyChi, I think on the macro...this is it. Maybe it can do more but unlikely
ThuyChi
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@ssari, I sold it all, now waiting for an entry point. By the way, do you have any suggest/updated for XRP?
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@ThuyChi, you did well. I'm thinking to sell the remaining for BTC not sure....not risk no gain.
As for XRP. I did look at it and it would have been great to get the bounce. Having missed that, we need to wait and see.
Looking at the weekly chart, to go long, I would like to see it open and close daily candle above this line (top of the yellow region) otherwise I still see downward pressure.
The neckline of the inverse H and S would be a good entry
i like your charts and follow-up posts. Thank you. What does "(Y20.P5.E2)" keys mean in titles of your TAs?
ssari
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@susta, Y20, means Year 2020. P means phase of that year, phase 5. E represents edition, meaning version of post so we know to differentiate between them all.
Hence when you look at the title, I can know roughly what phase of the cycle in that year for that coin. eg. We hit the top of a wave, the way down I will call it the next phase.