A quick look at Beta (#BETAUSDT, 1D, Binance):
According to CoinMarketCap, "Beta Finance is a permissionless money market on Ethereum for borrowing, lending and shorting crypto assets." The price has been trading in a descending wedge since its launch but may have found a support at the current level.
Main Points
If the support level holds, price may trade within a very profitable range. However, further drops cannot be crossed out considering the upcoming 2.5% increase in token circulation expected in February, according to Beta Finance's release schedule.
Strategy
Additional Reading
If you want to read more about Beta Finance on CoinMarketCap, click here.
What do you think?
Any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
(*) I do not use Stop-Loss for the simply because that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.
------------------------------------------------------
Some of my charts represent actual trades, and some are just paper trading. Check them out!
Needless to say, this is not financial advice!
According to CoinMarketCap, "Beta Finance is a permissionless money market on Ethereum for borrowing, lending and shorting crypto assets." The price has been trading in a descending wedge since its launch but may have found a support at the current level.
Main Points
If the support level holds, price may trade within a very profitable range. However, further drops cannot be crossed out considering the upcoming 2.5% increase in token circulation expected in February, according to Beta Finance's release schedule.
Strategy
- TP1: $0.63
- TP2: $0.768
- SL: n/a(*)
Additional Reading
If you want to read more about Beta Finance on CoinMarketCap, click here.
What do you think?
Any constructive feedback and positive vibes to improve my analysis are welcome.
But if you enjoy my chart, please like, comment or follow me. :)
Thank you and Happy trading!
(*) I do not use Stop-Loss for the simply because that I do not margin trade, and I trade only assets that I do not mind keeping long-term should the price suddenly crash.
------------------------------------------------------
Some of my charts represent actual trades, and some are just paper trading. Check them out!
Needless to say, this is not financial advice!
Comment:
So, since I published this idea, price went up +23%, and at one point we were just $0.02 short of our TP1. I am hopeful to reach TP1 this morning. One thing I did not mention in my idea above is that Beta Finance will launch on the Avalanche blockchain tomorrow, January 19, at 2 PM UTC. This is likely contributing to the hype, so watch out.
Trade active:
January 19 candle close above our TP1! Congratulations to those who entered when I published this idea who made a good +34% profit! Today was also the day of the Avalanche launch.
Now, volume is good and the daily chart gives us hope for the price to sustain its way up to our TP2. But, as always, DYOR, and happy trading!
January 19 candle close above our TP1! Congratulations to those who entered when I published this idea who made a good +34% profit! Today was also the day of the Avalanche launch.
Now, volume is good and the daily chart gives us hope for the price to sustain its way up to our TP2. But, as always, DYOR, and happy trading!
Trade closed manually:
Well, it was a good run after all! Price stopped at $0.7425, just short of our target. Still, who sold at that level and entered when I published this idea, left with a +58% profit in seven days!
BETA is now trading at $0.4267, below the initial support line. Therefore, I closed this trade and will keep looking for a reentry.
BETA is now trading at $0.4267, below the initial support line. Therefore, I closed this trade and will keep looking for a reentry.
