I don't know much about this currency so do some research on it before following this idea. I generally don't recommend trading with coins you don't think are useful. The chart is showing the possibility to go long according to the triangle pattern and the bullish divergence seen.
Trades can be placed anywhere between 0.0030 and 0.00384 area depending on your risk tolerance. Trades should be cancelled if 0.0083305 breaks
Targets are the resistance levels at:
T1 0.00172
T2 0.00191
T3 0.00225
T4 ATH
Trades can be placed anywhere between 0.0030 and 0.00384 area depending on your risk tolerance. Trades should be cancelled if 0.0083305 breaks
Targets are the resistance levels at:
T1 0.00172
T2 0.00191
T3 0.00225
T4 ATH
Comment:
Also note that if we opened long from the moment I posted this idea we could have made around 10%, but my strategy is to wait for confirmations to show themselves, otherwise it is more risky.
Comment:
As we can see it hit one long wick into the buy area but couldn't even close inside it. Fake/failed breakout. No confirmation = no buy
As we can see it hit one long wick into the buy area but couldn't even close inside it. Fake/failed breakout. No confirmation = no buy
Sometimes people ask why I put my entries so high if I even am bullish, here's a good example of why. As we can see the price broke the downwards trend line, some people would have buy signals from right there, but as we can see, if you opened long at the point of the trend line breaking you would be at a loss right now.
It's important to break true resistance levels set by other candles as opposed to just trend lines and it's important to see confirmation of a true trend reversal instead of just getting caught by one long candle wick.