I am not going long unless my orders hit, highlighted in the green speech bubbles.
So what are we looking at:
- Tron has almost retraced 78.6% since its All time high
- Tron has almost retraced 78.6% since its April high
- A large retracement for any asset however most of the "top tier" coins are holding their own around these retracement levels...For me the first pointer to a good entry zone review
- Weak bull div on 6 hourly had little effect on price, continued lack of , point one for belief of wave B of an retracement
- RSI up ticking from sub 50, does have a wee downtrend to break on the daily which could get us to the low we want.. though I don't think much of diagonal resistances on short timeframes
- MACD just crossed up on 6 hour, hasn't crossed up yet on the daily.. Further decline before the uptick? Possible.
- Counter: 20, 50, 100 on daily are all gapped above price quite considerably which does give it some potential upside movement towards the 61.8% on good , but we really aren't seeing any so I have disregarded this for the moment
So why am I waiting to long..may repeat myself
- Because getting a good entry is important. I prefer Blackjack for my degenerate gambling.
Lots of resistances in confluence:
- Volume is still non existent, a bleed out of price continued is perfectly believable, again possibly in wave B of an down leg
- 20EMA on 6 hourly potentially forming resistance
- Tron yet to break back above the 61.8% fib (from April high) though prior data shows us it has taken Tron a few days consolidating just under the fib until it breaks up..however Tron had way more the previous times it was trying to do this, also most of the breaks to the upside have been part of an uptrend, not a downtrend..which is what we are in.
- VPVR lining up well with our primary entry point
- Most coins are testing or breaking their 78.6% fibs, patterns are patterns at the end of the day & should be considered on a circumstantial level
- My orders are in strong support zones
We may never get our orders hit, BTC could go bull mode here & the market will boom with it - if this happens though - then we haven't lost anything.
Furthermore, as you will see below, my stops are quite wide. This isn't my normal approach but it is what I am comfortable with based on entry prices & potential at those levels.
Entries: 539 & 439 sats
Stops 485(-10%) & 410 sats (-6.5%)
Exit: Close 50% of position at 620. Move up stop, let the rest run, if we go full bull market mode then I would expect to close the rest above 800 sats .
This is not financial advice. Just a log of my thoughts.