#SAND long ideaHello dear Traders,
Here is my idea for #SAND
Price finds support at monthly pivot S1 line – we had the same scenario at the June S1 pivot line.
Daily inside bar has been formed and we will wait for a close above the yellow trigger line (1.067$) in the 4h chart to enter the trade.
Profit target 1.65$ and stop 0.99$ .
Risk Reward ratio 6.3
Please feel free to ask any question in comments. I will try to answer all! Thank you.
About #SAND
Rank 38 by marked cap
Launched in 2011 by Pixowl, The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. By combining the powers of decentralized autonomous organizations (DAO) and non-fungible tokens (NFTs), the Sandbox creates a decentralized platform for a thriving gaming community.
According to the official whitepaper, the Sandbox platform’s main mission is to introduce blockchain technology in mainstream gaming successfully. The platform focuses on facilitating a creative “play-to-earn” model, which allows users to be both creators and gamers simultaneously. The Sandbox employs the powers of blockchain technology by introducing the SAND utility token, which facilitates transactions on the platform.
Source: The Sandbox price today, SAND to USD live, marketcap and chart | CoinMarketCap
About Pivot Lines
The term monthly indicates that the pivot levels are calculated using the prior month’s high, low and closing price. The basic formulas are now well-known and pivot calculators are readily available on Tradingview.
If a market closes above the monthly pivot, then the trend is positive, and closing below the pivot is negative. In a positive market, you look for prices to pause, or maybe even reverse, at the first pivot resistance level (R1). If that level is exceeded, then the R2 is the next level to watch. Conversely, when a market drops below the monthly pivot, then the first downside target is the first pivot support (S1), and the second support is S2.
Source: Learn How To Use Monthly Pivot Analysis (forbes.com)