Here we have the PHBBTC chart and it's upcoming event...
First, the event.
Phoenix Global will do a "Token Redomination", according to an article shared on Medium.
They are going to reduce the token supply by 100.
For every 100 old PHB, there will be only 1 new PHB.
Now the chart.
We have a 1,2,3 sequence mapped here.
This is very common.
We have the usual...
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-monthly swing high - low
-my squaring method
-trend to show a hopeful trajectory here...this is a backtest and im not that optimistic that it holds over time, but i am quite confident we're about to the a true ALT market
There are so many good opportunities right now offered by the Altcoins market that it is hard to choose.
PHBBTC (Phoenix Global) is just one of these.
This altcoin pair has been through the full cycle; A strong bullish wave after a low in January 2021, a recent higher low, prices moving above EMA10/50/100, staying strong when Bitcoin crashed, bullish MACD and...
It has seen its lowest price and after Pollback, it is on a good support level
There are almost two divergences and a double bottom in the chart, which has raised expectations for growth
High risk is, and must be careful
If alt season kicks in and PHB delivers mainnet and oracles next month, something like this is what we can expect.
Wave 2 should technically be in here at 31 sats and golden pocket.
I measured wave 3 as extended since that should be the case if alt season + deliverables.
This will be the main chart that Ill update going forward
On the 1W chart, the price of PHBBTC has formed a falling wedge, the border of which the price has already successfully crossed.
Also, the upward movement was accompanied by increasing trading volume, which indicates a strong bullish sentiment.
On the 1D chart, the PHBBTC price has corrected to the level of 50% by Fibonacci, where solid support has been...
PHB is now trading at the long accumulation zone. There is a lot of accumulation is done in this zone and we already see a good rally in PHB. PHB is now preparing for the second rally. PHB staking is started on the BSC chain to farm tokens, which will reduce the supply from the market.
Buy Zone: 36-37