Yes, I know. The altcoin market is very nervous. And rightfully so. But Defi does especially well comparatively when regional banks are faltering. Right now, regional banks (KRE) are moving down and becoming weaker once again. Could we see more defaults? Probably. But this isn't about regional banks is it. We're looking at JOEUSD, a nifty little Defi play. So, aside from fundamentals, let's take a quick look at what the technicals might be showing us here:
#1. Bullish divergence on the RSI. And everytime we hit that slowly ascending RED TL, price moves up rapidly. I like the probability here.
#2. Price support on that RED TL which intersects with a nice level AND the bottom of that triangle, making it a huge area of confluence where support is strong.
#3. That triangle though.
I have entered here at .265 and will be pulling profits along the way (especially at those moving averages). Final target is around .45 with a SL at .235.
This is not financial advice. Just showing you all what I am doing here.
Best,
Stew
#1. Bullish divergence on the RSI. And everytime we hit that slowly ascending RED TL, price moves up rapidly. I like the probability here.
#2. Price support on that RED TL which intersects with a nice level AND the bottom of that triangle, making it a huge area of confluence where support is strong.
#3. That triangle though.
I have entered here at .265 and will be pulling profits along the way (especially at those moving averages). Final target is around .45 with a SL at .235.
This is not financial advice. Just showing you all what I am doing here.
Best,
Stew
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
I thought it would be courteous to come back to TV and update each one of my trades as during the last flash crash I was simultaneously ban by TradingView for accidentally violating House Rules by inadvertently mentioning where you could keep up to date on all of my trades. I have to be more careful on this platform and will work my best to carefully avoid references in my posts and videos.
Anyways, it was definitely an inconvenient time to be banned as I had to leave all of my TV peeps hanging. Long story short: I was stopped out of most of my previous trades and ended up re-entering at a lower price. I expected a much bigger bounce from my trades as almost all of them were (and still are) in deeply oversold territory on the RSI. Nonetheless, I don't expect to exit again until we at least get a bit of a bounce and exit oversold territory on the RSI charts.
Below you will find my new entry price (where red turns green), my initial target and my initial stop limit. All of these are subject to change as time goes and I continue to re-assess price action.
This is not financial advice. Just showing you all what I am doing here.
Best,
Stew