VITEBTC - Bottom of bull flag? 100% gains?
VITE has shown a lot of life today, despite market wide sell-offs.
Historically, VITEBTC trades on a bull flag, a pattern where the price rises rapidly followed by a period of sideways movement or slow decline. With the first flag being quite evident and the last few being a little muddled in volatility, but still there, we have historic proof for this trend.
It would seem today's movement breaks out of the current Bull flag, which would imply 100% gains off the low point as has been the historical trend.
MACD posted the first small green bar on the daily charts in weeks, along with a heavy cross.
RSI shows upwards trajectory with room still for growth.
MA 100 was also just moved below. Historically, we move back to MA 100 days after dropping below it, often preceding the spike. I've circled these areas in red.
BUYING IN?
If tomorrows candle posts strong, I think we can confirm an uptrend up to at least previous high. Indicators are strong, but it could still be in the downward channel.
I wouldn't be opposed to making a small buy now with the intention of either making up losses on the next peak if this one heads south or hodl until then and DCA away the pain.
TP's: 0.00000250 & 0.00000320
This is previous resistance on the upswing + previous high. we may see higher but historically the gains are about 100% from the low of the run.
SL: MAX 20%
Remember to practice proper trade sizing. If you're worried about trade it's probably too much!
I'm a simple guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
Feedback, criticism and crude humor are welcome :)
Historically, VITEBTC trades on a bull flag, a pattern where the price rises rapidly followed by a period of sideways movement or slow decline. With the first flag being quite evident and the last few being a little muddled in volatility, but still there, we have historic proof for this trend.
It would seem today's movement breaks out of the current Bull flag, which would imply 100% gains off the low point as has been the historical trend.
MACD posted the first small green bar on the daily charts in weeks, along with a heavy cross.
RSI shows upwards trajectory with room still for growth.
MA 100 was also just moved below. Historically, we move back to MA 100 days after dropping below it, often preceding the spike. I've circled these areas in red.
BUYING IN?
If tomorrows candle posts strong, I think we can confirm an uptrend up to at least previous high. Indicators are strong, but it could still be in the downward channel.
I wouldn't be opposed to making a small buy now with the intention of either making up losses on the next peak if this one heads south or hodl until then and DCA away the pain.
TP's: 0.00000250 & 0.00000320
This is previous resistance on the upswing + previous high. we may see higher but historically the gains are about 100% from the low of the run.
SL: MAX 20%
Remember to practice proper trade sizing. If you're worried about trade it's probably too much!
I'm a simple guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
Feedback, criticism and crude humor are welcome :)
Comment:
May still be in descending channel with heavy sell pressure today. May also just be overall market movement. More waiting.
Comment:
Looks to be in the downward channel, or entering sideways section of bull flag. Pump was a fake out. Keep an eye on it to deviate from the sideways movement to tell us where we're headed next.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
t.me/KadnimCrypto