Daily Trade - MEME, Bittrex and on TA Analysis, profit and wishful thinking.
Yesterday I posted a TA about a possible MEME (Memetic) coin breakout.
Just a few moments later, market turned in the other direction and there went my analysis down the drain.
This is part of the game. No single trader or analyst is right every single time. I don't have to say that...
This is not financial advice, it is my own personal investment. It can go terribly wrong, or nicely right. We shall see!
Worst case scenario I get out of the position hurt with 10% less of the initial investment.
More commonly known as a Bullish Pennant where the market is coming from a lower price and has a wave-y downward movement with subsequent lower hight and higher lows converging to a change point back to bullish movement. That is the hypothesis, if it will do it or not, we will see.
The channel indicated on the graph is self explanatory. I do not think there will be a trend reversal yet on the next few days, but certainly the resistance at the $230-$250 range is forming and could yield a slow reversal, which has not been proven to be a behavior of this currency yet.