Is it another pump and dump case? We don't know but the charts don't lie (except if whales are involved. Geez). Let's see the chart!
Pattern: We can observe that a bullish symmetrical triangle is forming. And it has bounced back up at 50% retracement and we will see it testing 78.6% (311sats)
Volume: Volume is diminishing = Quiet before the storm
How to confirm the breakout?: Candle closes above the resistance trend line (~315sats). The breakout should occur WITH volume, especially if on the upside breakout.
Trading plan: After the breakout, high probability there will be a pull back into future support (~315sats or the breakout price). Keep a close eye on the price movement, if it bounced at it, you can enter the trade.
Buy range: 298-315
Target: 356-399-444-517-562
Stoploss (10% from entry): 268-284
Pattern: We can observe that a bullish symmetrical triangle is forming. And it has bounced back up at 50% retracement and we will see it testing 78.6% (311sats)
Volume: Volume is diminishing = Quiet before the storm
How to confirm the breakout?: Candle closes above the resistance trend line (~315sats). The breakout should occur WITH volume, especially if on the upside breakout.
Trading plan: After the breakout, high probability there will be a pull back into future support (~315sats or the breakout price). Keep a close eye on the price movement, if it bounced at it, you can enter the trade.
Buy range: 298-315
Target: 356-399-444-517-562
Stoploss (10% from entry): 268-284
Trade active:
Target 1 reached
Next target: 399
Next target: 399
Trade active:
Target 2 (399) & Target 3 (444) reached
Comment:
PHB still in a great momentum here. I hope all of you have secured most profit and keep moving your stop-loss up.
Will it go up or down now?
MACD showing signs of losing momentum and the RSI is at overbought level now. These are strong indications that the rally up is reaching its peak and will potentially starts the huge retracement.
What do we do now?
To be brief, we could see a normal retracement towards 61.8% (~468sats). This would be the next range to observe the price actions.
PHB still in a great momentum here. I hope all of you have secured most profit and keep moving your stop-loss up.
Will it go up or down now?
MACD showing signs of losing momentum and the RSI is at overbought level now. These are strong indications that the rally up is reaching its peak and will potentially starts the huge retracement.
What do we do now?
To be brief, we could see a normal retracement towards 61.8% (~468sats). This would be the next range to observe the price actions.
Trade active:
Target 4 (517) reached
Trade closed: target reached:
Target 5 (562) reached.
Congratulations if you followed this trade!
I hope you enjoy the profits (~80%).
See you in the next trade :)
Congratulations if you followed this trade!
I hope you enjoy the profits (~80%).
See you in the next trade :)
Comment:
New trade!
Great breakout with massive volume! So what's next? Will PHB continue its rally or will it retrace now?
As of now, we can observe a bounce at Fib extension 1.618 (371sats). For the next few candles, we will see them dancing around this price = Possible new resistance.
If it managed to establish a resistance, we could see a 50% retracement soon after.
We shall keep a close eye of the candle movement for the next few hours.
Most important: Move your stop-loss to profit!