May 8
Hey guys!
Intro:
Synthetix ( SNX ) is another one of those juicy mid cap alts that has the chance to go balistic. It is forming a bullish pennant for 245 days now and the pattern will probably take some more time to establish. You have the chance to get in very early as this evloves further. Unfortunately the Binance chart doesn't show the full price history, so I suggest to check on cointrader.pro to see the full history.
Pro:
- Sitting in a nice reload zone between the 0,618 and the 0,786 Fib at around 30.000.
- Currently tries to "cut the corner" and prepares for the third impulse up.
- Very early in the pattern --> a lot of opportunities to scale in and make solid gains
Contra:
- Still long way to brake out
- Second higher low still in the process of establishing
Entry:
Option A: Right now and you would do nothing wrong since its in the reload zone between the 0,618 and the 0,786 Fib.
Option B: Wait for the pattern to evolve further and enter at a later stage (i.e. 3 higher low)
Option C: Wait for the retest of the trendline
Option D: Scale in on all three options
Exit:
Bullish:
- Measured move price target from a potential brake out point around 5300 Sats would be 10.000 - 10.500. This would mean a 250% move from the current price point around 30.000 Sats .
Bearish:
- Once the second higher low is fully established, set your Stop-Loss below that.
Enjoy and never forget: NO FINANCIAL ADVISE! :*
Hey guys!
Intro:
Synthetix ( SNX ) is another one of those juicy mid cap alts that has the chance to go balistic. It is forming a bullish pennant for 245 days now and the pattern will probably take some more time to establish. You have the chance to get in very early as this evloves further. Unfortunately the Binance chart doesn't show the full price history, so I suggest to check on cointrader.pro to see the full history.
Pro:
- Sitting in a nice reload zone between the 0,618 and the 0,786 Fib at around 30.000.
- Currently tries to "cut the corner" and prepares for the third impulse up.
- Very early in the pattern --> a lot of opportunities to scale in and make solid gains
Contra:
- Still long way to brake out
- Second higher low still in the process of establishing
Entry:
Option A: Right now and you would do nothing wrong since its in the reload zone between the 0,618 and the 0,786 Fib.
Option B: Wait for the pattern to evolve further and enter at a later stage (i.e. 3 higher low)
Option C: Wait for the retest of the trendline
Option D: Scale in on all three options
Exit:
Bullish:
- Measured move price target from a potential brake out point around 5300 Sats would be 10.000 - 10.500. This would mean a 250% move from the current price point around 30.000 Sats .
Bearish:
- Once the second higher low is fully established, set your Stop-Loss below that.
Enjoy and never forget: NO FINANCIAL ADVISE! :*
I recommend to wait for either a short term pull back to enter or wait for the test of the upper trend line of that pattern and see what action happens around there.
But as I said before, you do not need to rush anything. We are still early in this and can watch how this unfolds. I am sure there will be a few more opportunities to enter this coin.
Enjoy and never forget: NO FINANCIAL ADVISE! :*