NEMBTC - Simple resistance & support - Start of Ascend. Triangle
Here I look at the chart using simple resistance and support levels, including a bit of doing my own "manual volume profile" analysis (looking at volume bars, peaks, and RSI gradient), I deduce that this is a likely start of the formation of Ascending Triangle.
Being late into this coin, I look for strategic BUY zones at the support levels. The earliest zone to get into is in the small pink triangle. If that is missed then anywhere near the trend support. Here only go in with 20% exposure.
Target Loading Up - Level 1 - 20% BUY entry inside the small pink triangle with expectation that the support holds. You need to put a stop loss if market dips below the trend support. Put a stop loss below the trend support following as time goes. Once entered, do not leave the chart for too long.
(A) SCENARIO 1 - Market bounce and stays above the trend support, wait for breakout, where the candle closes above the top horizontal resistance, 50% BUY entry here with a stop loss at just below the resistance. Buy the remaining 30% when wave 1 is complete at the dip of Wave 2.
(B) SCENARIO 2 - Market breaks trend support and plunge. Exit the Level 1 and stop loss.
Look at the market movement, and prepare to enter at Level 2 & 3 depending on reversal.
Target Loading Up - Level 2 & 3
Note : We can expect a reversal at Level 3. So the order of buy entries should be Level 3 first then Level 2. Also, each Level 1, 2 and 3 are support/resistance levels.
This is not a trade recommendation, just my own analysis based on the existing data. The market may move beyond my expectation anytime and the chart will have to be restudied. But If the chart sticks to it then we know at least where to get in.
For exiting, we need to employ Elliot Wave and Fibonacci but that is too early at this point in time.
Being late into this coin, I look for strategic BUY zones at the support levels. The earliest zone to get into is in the small pink triangle. If that is missed then anywhere near the trend support. Here only go in with 20% exposure.
Target Loading Up - Level 1 - 20% BUY entry inside the small pink triangle with expectation that the support holds. You need to put a stop loss if market dips below the trend support. Put a stop loss below the trend support following as time goes. Once entered, do not leave the chart for too long.
(A) SCENARIO 1 - Market bounce and stays above the trend support, wait for breakout, where the candle closes above the top horizontal resistance, 50% BUY entry here with a stop loss at just below the resistance. Buy the remaining 30% when wave 1 is complete at the dip of Wave 2.
(B) SCENARIO 2 - Market breaks trend support and plunge. Exit the Level 1 and stop loss.
Look at the market movement, and prepare to enter at Level 2 & 3 depending on reversal.
Target Loading Up - Level 2 & 3
Note : We can expect a reversal at Level 3. So the order of buy entries should be Level 3 first then Level 2. Also, each Level 1, 2 and 3 are support/resistance levels.
This is not a trade recommendation, just my own analysis based on the existing data. The market may move beyond my expectation anytime and the chart will have to be restudied. But If the chart sticks to it then we know at least where to get in.
For exiting, we need to employ Elliot Wave and Fibonacci but that is too early at this point in time.
Trade active:
Trade active:
Order cancelled:
BROKE THE TREND SUPPORT - OUT, STOP LOSS
Trade closed manually:
COMPLETE ELLIOT WAVE RECOUNT NEEDED