💀💰 "AR Coin Analysis: Approaching a New All-Time High?" 🚀📈📈 Let's analyze AR coin, which I introduced for spot trading last month. We'll review and check new entry and exit points together.
🔍 In the higher timeframes, AR is one of the few coins that is nearing its all-time high (ATH). It broke out of its long-term box a while ago and is currently in an uptrend.
💡 One of the main reasons a few select coins are approaching their ATH alongside Bitcoin and showing green candles is their pair ratio to Bitcoin, which drives their charts upwards.
📉 In our previous analysis within this channel, after a candle formed support at 24.057 (supported by the 0.382 Fibonacci level), we bought after the daily candle closed. This trade has since provided about 70% profit to me and the channel members.
💬 Before discussing how to take profits, let me emphasize that the 70% profit was achieved with proper risk management, including a 15% stop-loss, resulting in a 4.5 risk-reward ratio. Ignore flashy advertisements and focus on consistent strategies to remain profitable in the market.
🛑 For those who bought along with us, I'm personally doing nothing but setting my trades to risk-free. You can choose to cash in part of your profit or wait for a trend change. If the daily RSI goes above 70, I suggest continuing to hold your position since you have a good entry point.
🚀 We can use Fibonacci to determine the next targets for this coin. As mentioned in the previous analysis, after finding support at the 0.382 Fibonacci level and bouncing back, breaking the last high likely sets a suitable uptrend. Therefore, we draw a Trend-Based Fib Extension and find potential targets at 64.255, 84.067, and 118.388, with the most logical and closest target being 83.847, the coin’s previous ATH.
🕒 For those looking to buy now, wait for the weekly candle to close. After it closes, you can add this coin to your portfolio with a risky stop-loss below the candle or a logical stop-loss at 24.057.
📚 However, I recommend studying the project and reviewing the white paper to understand what has driven this significant growth.
🚫 For short positions, we are not taking any action currently. There are better coins in the market for short positions. My experience suggests that even if these coins offer short positions, in the event of Bitcoin's correction and support, they tend to correct by larger percentages, easily triggering your stop-loss—if you set one, that is :))
📊 Upcoming supports: 24.057, 15.125, 10.905; Upcoming resistances: 64.141, 83.847 (most significant resistance).
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
