Hi fellow traders.
Since introducing SAND on Binance I wanted to publish my Idea on it's movements.
Its general movements is similar to SRMBTC and SRMUSD published before, e.g. here:
What I think is that since addition to Binance and having that crazy increase of its value it needed correction as it went through the correction process immediately after that. It finally got a good support from Ret-Fibo- 0.618 where it reversed the trend. Since then, it start trying reaching the last historical peak achieved the first day of addition to Binance.
Thus, the first big target for this SAND is reaching last historical peak and then trying to get pass it.
On the daily basis it is getting a support from 0.23, but we need the hourly movements to see what would be the best support lines to try that historical peak.
Looking at the hourly pattern you can see that 0.236 does not seems as that support line as there is a potential Bullish flag. Within this flag the next support line are RF-0.38 (support-1) or 0.5 (support2) If the flag formation complete and breaks the top of the channel then it will try RF-0.23 again and head for RF-0.0 the historical peak (target1), and possibly Fibo- 1.27 (target 2).
If you have not bought this CC, this means the entry points are either of the supports or when it breaks the flag (which is the less-risky ones). If your short traders then the early sell target (target 1) can provide 25-60% profit depending on entry points, and the second profit target would be 50-100%.
Note: Have a good risk management plan by having a good loss margin based on your entry point.
WHAT ABOUT LONG TERM THEN?
If the pattern manages to break the last historical peak then the next targets are:Target a (target 2 in the above statement=Fibo 1.27=60% profit from entry-1), then Fibo 1.6 (100% profit for entry 2), Fibo-2 (150%) and then 2.6 (200%).
Since introducing SAND on Binance I wanted to publish my Idea on it's movements.
Its general movements is similar to SRMBTC and SRMUSD published before, e.g. here:
What I think is that since addition to Binance and having that crazy increase of its value it needed correction as it went through the correction process immediately after that. It finally got a good support from Ret-Fibo- 0.618 where it reversed the trend. Since then, it start trying reaching the last historical peak achieved the first day of addition to Binance.
Thus, the first big target for this SAND is reaching last historical peak and then trying to get pass it.
On the daily basis it is getting a support from 0.23, but we need the hourly movements to see what would be the best support lines to try that historical peak.
Looking at the hourly pattern you can see that 0.236 does not seems as that support line as there is a potential Bullish flag. Within this flag the next support line are RF-0.38 (support-1) or 0.5 (support2) If the flag formation complete and breaks the top of the channel then it will try RF-0.23 again and head for RF-0.0 the historical peak (target1), and possibly Fibo- 1.27 (target 2).
If you have not bought this CC, this means the entry points are either of the supports or when it breaks the flag (which is the less-risky ones). If your short traders then the early sell target (target 1) can provide 25-60% profit depending on entry points, and the second profit target would be 50-100%.
Note: Have a good risk management plan by having a good loss margin based on your entry point.
WHAT ABOUT LONG TERM THEN?
