TRXBTC got a little over-extended and needed this pullback. As long as today's daily candle is either a red doji with lower volume than yesterday or a green candle, expect that we return to the upward trend. There was a nice bounce off the 9 EMA and now we are battling for the 5 EMA on the daily chart. It may look ugly to breakout traders, but this is a beautiful chart for a dip-buyer.
The hourly chart suggests we are either in accumulation phase now, as selling volume has decreased while price has stabilized as we make higher lows on the largest red volume candles but lower highs as well. As energy builds in this zone, we will shortly see if we need a deeper pullback (perhaps to the 20 EMA) or, as I expect, we break through the 5 EMA on the daily and eventually close above VWAP (blue) ~0.00001btc to start making higher highs again.
A close below 0.00008 is likely an indication that we are still breaking down, but the stochastics suggests this is near support, as we are about to see hidden divergence on the hourly.
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And there it goes...Gotta see these opportunities before they take off. Add on dips here if you didn't finish buying under VWAP, we have a ways to go and will see plenty of pullbacks along the way. Try off the hourly 50ma or if you prefer to buy breakouts, wait for the break of the trendline around 0.00012, as this is will likely take a few tests to overcome.
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Ideas for targets on the hourly chart. 0.00014 will be an important point to break if we expect continuation in the next ~7 hours based on the ichimoku cloud system. Otherwise, a few hours of consolidation, a bounce off the lower trendline or cloud bottom at worst, followed by a higher high on the hourly chart would still send price and the orange Chikou Span line over the cloud, suggesting we are going sideways to higher in the next few days. Scalping off any of the fib extension lines should be profitable for shorter-term trades. 0.000155btc is the most obvious 1st target, followed by a dip-buy ~0.000124-0.000134btc or so. The trend is strong, so be careful not to get left behind. A dip-buy off the 50 ma, 20 EMA, or 9 EMA is highly recommended once we clear the cloud top. Highly unlikely we don't re-visit each of those at least 1x before seeing new ATH's.
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If you're ever unsure of what's going on in a trade, take a look at a higher time frame. Here's the 4hr chart. Lots of reasons to be bullish here. Trend is intact. Don't fight it.
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We lost the 4 hr 50 EMA but are consolidating again. A close over the 50 EMA (which is now turning up) would be a good indication that it's ready to go. Breakdowns are getting bought on high volume. Lots of reasons to stay bullish long term.
@CryptosFTW, Low volume pullback, rounding support or triangle pattern consolidation. That was a big move in a short amount of time. Can't expect it to rocket 50% every day. Let it breathe, add if you need to, be patient.
CryptosFTW
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@Red_Ben, Hmm ok. But let me ask you this way - at what levels will you take everything off the table and call it quits?
Red_Ben
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@CryptosFTW, well, depends on your entry and your target, but If I see a close below .0000074 I'd be convinced that it needs to retrace further before returning to the upward trend. I'm using the hourly chart and basing that off off the high-volume swing low when price fell out of the cloud. We have made higher lows since then, so a lower low suggests we are no longer in consolidation and instead in a breakdown. The hourly 200 MA may get tested and cause some panic selling so I would wait for a CLOSE below that to be sure. Currently we are holding the hourly 50ma which we literally just breached yesterday, so this is still a buy zone here. GL!
CryptosFTW
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@Red_Ben, Makes sense, and thanks for spelling out your thoughts. Good luck with your trades!
Seviii
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Nice, gj! Any targets? best time to get out and wait for a dip and rebuy?