Good Morning, Traders! On the 4hr chart, ambrosus has been reacting to many price trends but the longer term descending triangle is what keeps me interested. As the price travels into this shape, the price has been reacting positively to past trends. Many times, the falling wedges have broken out posistiv and there were formations of many bullish patterns such as flags and pennants. These ultimately ended up in the prices reacting bullishly of course. Throughout these patterns, AMB/BTC was able to keep enough bullish volume to actually react well to these trends, this is good to note when observing future breakouts because you can count on the volume to support the breakout signals. Currently, the price is testing a solid buy zone and is expected to experience a reversal soon to the top of the longer-term triangle once again. I'm expecting the price to reach that level within a few days, near the resistance level 0.00005099, around the 23.6% fib retracement. This is the level I would be expecting the most resistance so if the price is able to break out of the long-term triangle, the bullish run following would be significant. The circle drawn on the chart is an area with confluence that will contain heavy resistance. The indicators overlapping here are the EMA(200), 1/1 Gann fan, and the 38.2% fib retracement level. While traveling to the final target level, I'm expecting this area to cause a halt in the bullish run if the timing is accurate.
Important Resistance Levels: 6213, 5429, 5099
Important Support Levels: 4544, 4268
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: 6213, 5429, 5099
Important Support Levels: 4544, 4268
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst