POWRBTC
Here is my new idea. We just broke the 4500 resistance and we started a new up trend. We got a very nice rounded bottom possible cup and handle if the handle forms.
The RSI is oversold so we will see some consolidation around 4300 - 4600. The MACD supports an up trend movement. If you want to get into the trade the buy is 4700. I expect a resistance around 5300 but if we pass that the targets are 6000 - 6700 and 7500.
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Consolation mode. RSI still oversold, will take some time till next move.
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We are still in heavy consolidation mode, this is going to take longer, just look at the huge red cloud, and we are sitting in the middle of it. As long as the price doesn't go below the first SP(support) line there is no reason to panic sell. We have a second support line and if that one is broken then the trend is over again. If it gets there we get another buy opportunity. I'm still bullish so have some patience and hopefully by tomorrow will have better news.
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The handle just formed, prepare for take off.
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Update: A lot happened in 11 hours since my last update. First is the significant drop to the second support line which I was not expecting because of the bullish trend, why it happen apparently all alt-coins experience such sudden drops, still searching for the main reason. We have got some new resistance on the way up. You didn't miss the buy opportunity when touching the support line because it will be tested again. Now if it holds by all means you can buy but wait for the reversal signal before doing that. The second buy point if you miss the first one that one is 4650. The stop loss for the 4650 is 4480 resistance which will become support. Have some patience again because not we need to cross the hall cloud again. Will update as soon as I see something changing.
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Watch for the trend line bounce guys, if it reverses that's a good buy spot. I'm going to buy if that happens.
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We have the reversal confirmation, up we go from here. We need to break the 3900 resistance and go from there. Step by step we climb the hill ;).
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So far we are looking good ;).
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Doesn't look good anymore. Here is why? the bulls got tired which is to be expected giving the red cloud filled with bears ;). I expect it to range between 3900 resistance and the trend line. Be aware that the trend line could be broken which it has now a 50/50 chance happening. I don't recomand buying there because of the risk. The buy point moved has moved to the base support line which could be tested again.
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We broke the resistance at 3900 but usually is going to be retested which so far is holding ok. I think the only chance we can break through the cloud resistance is to get around it and try to break it where it is thinner, which will be in about two days time. We have nice volume, RSI and MACD still supporting an upper trend. We also got a nice W which confirms the bullish trend.
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BTC doesn't seems to stop the bull run, I think this is madness but is just my opinion. I didn't sell my position even if I'm in loss now, this is a good time to buy more actually. Is up to you what you guys do if you want to sell or buy more but after BTC stabilizes will see a surge in altcoins.
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Just for you guys to know I sold my potions in all altcoins and put it in BTC. The bull run in BTC is going to last for a while specially with tomorrow's BTC futures.
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Do not play the BTC game if you don't know how to ride BTC rallies. You will end up loosing more money, better stay with alts or hodl and everything will be back to normal after this. I jumped in BTC because is convenient for me at this moment but is a tough game to play for me to.
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Trade closed: target reached:
First target reached.
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Update trend direction
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Because the coin is again so hyped, I expect we hit again all time high on the fifth wave.
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Somebody was very good at spreading FUD, If is goes below 5300 sats this trend is going to be over. It will take days to recover if that is going to happen.
So you guys know I will not sell anything, I will accumulate more if it goes down to main support.
So you guys know I will not sell anything, I will accumulate more if it goes down to main support.
Trade active:
Update: I'm still bullish on this coin, didn't loose fate. We have two bearish signals and one bullish so far with volume slightly increasing which is a good sigh. Didn't go below the 5300 sats at 0.618 Fib because if it did the trend would have been over. It will take time to recover and gain confidence so that investor buy this coin again. Have patience, I expect that in the next 5-20 hours we will see a big move again. 50/50 chances to go any direction as of current situation.
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While we do some progress, BTC is moving down, what we get massive sell in altcoins. The trades are no longer secure, I'm considering taking out all my trades until BTC decides to stay put.
Trade closed: target reached:
All targets reached. Happy trading I hope.