VENBTC Bullish - 98% Profit

Hey Guys:

BINANCE:VENBTC is our next coin of discussion.

Looking at the 1D chart on the left, it appears that BINANCE:VENBTC has reached the bottom of the correction.

Entry Point:

No surprise here, we're gonna want to get in between the 0.236 and 0.382 Fibonacci levels.

Should we fail to break the resistance around 0.0000615, look to set a buy order around 0.00043.

Target Points:

(1) 0.00073007
(2) 0.00082318
(3) 0.00091628
(4) 0.00104883
(5) 0.00121768

Stop Loss:

Look to set a stop-loss below the Fibonacci level that you entered the trade at. I will post an example once a position is entered.

Indicators:

1 Day

Fibonacci

• The Trend-Based Fib Extension to gauge potential support/resistance levels after we've gone through a correction of the previous trend. This is where the price points are taken from.
  

Moving Averages:

• The 50-period MA (blue) supports a strong uptrend over the past three months.
  
• We should be fearful if the 20-period EMA (Orange) crosses below the blue MA.
  

Sniper T3-CCI

• We will wait for two or three candles to close above the line. This event will confirm the bullish trend.
  

4 Hour

Fibonacci

• We use the Fib Retracement tool to show the inner support/resistance levels that lie between those Fibonacci levels on the 1D chart. For example, we can see that within the 0.236 and 0.382 Fibonacci levels on the 1D chart lives two additional resistance levels; 0.00062273 and 0.00066825, which are shown on the 4h chart.
  

Moving Averages:

• The orange line crossing above the blue shows an uptrend.
  
• A good idea before entering a position may be to wait for the Golden Cross. This would greatly confirm the bullish trend.
  

Sniper T3-CCI

• It would appear that we are due for a correction from the current uptrend. A healthy retracement down to the 0.326 Fibonacci level would promote a healthy uptrend afterwards. That being said, just because it has been above the line for a while, it doesn't mean that it must fall. So, we will want to monitor this as time passes.
  

Summary

I know this is a lot of information but it's what I'm taking into consideration before entering my position. We will adjust along the way.

Good Luck!

-Matt

Comment:

@eddiie42 has asked me to explain the reasoning for my Fibonacci placement.

I figured that it would be more beneficial post a comment on this feed for others to see.

As you can see on the 1D chart, we had the massive bull run from the beginning of December until 22 January. Then, the entire market reversed and people went crazy (rightfully so). Fast forward a few week later and we see a bottom on 6 February. Following this bottom, we can see that the price starts to bottom out. This is a good indicator that we may have reached the bottom of this downtrend.

Now, this downtrend can be considered a correction. Here is where the Trend-Based Fib Extension comes in handy. I placed the starting point at what day I believed started the big rise, AKA the impulse leg. Then, the second leg is placed at the bottom of this correction.

The tool takes these two points into consideration and decides the following: How high did the impulse leg rise; and where does the second leg end (correction)?
The height of the impulse leg is proportional to the difference between Fibonacci levels. As the height of the impulse leg is increased, so is the difference.

Here's a chart to describe this characteristic:

Now, as you can see on the 4h chart, I've used 82k as my anchor since it was the beginning of the downtrend. The Fib Retracement tool was used for this to help gauge the support and resistance levels during this downtrend. Since people are prone to repetition, these levels often become support after acting as an initial resistance and vice-versa.

I hope that answered your question.

-Matt

Trade active:

Hey Guys:

If you look at the chart below, take notice to the five candles above the bold black line.

This group of candles had formed is known as the Rising Three Methods. This indicates a period of consolidation in which the sellers are unable to reverse the trend. Therefore, the buyers theoretically maintain control of the price direction.

Luckily, I have an insane amount of school work left so I'll be pulling an all-nighter and will be able to watch the price over the next few hours. I'll post an update if I enter a position or when I set my buy price.

-Matt

Comment:

I forgot to change the green arrow to a black line. So the candles I were speaking of are the candles on the 15th - 19th of this month.

-Matt

Trade active:

Entry Price:
0.00064535

Stop-Loss:
0.00054999