Long

AMPL retrace in a few hours

Updated

As you can see there are several key levels reacting as both support and resistance.
Looking back we will see that zone between 0.64 and 1.36 is comfortable for a long time since AMPL existence.
In July AMPL creates a new key level at 2.90. It is already confirmed as a strong resistance as it rejects bulls too much times.
Current trend is still bearish, so be careful to trade against it. We can see drop to 0.64 which will be great buy zone.
Best buy zone is between 0.64 and 0.80. We should see 0.80 as projection of previous created pattern (higher bottom). Same angle, same period - 38 bars at 6 degrees.
Just follow MoneyFlowIndex - this coin is too much in relation with money flow (because of rebase).
At 0.80 there are two scenarios - go lower to 0.64 or bounce back to 1.36 which will be not so easy. If resistance at 1.36 does not stop bulls, we can see 1.71 which should be the final target.

So my trade is: Buy @ 0.80; Buy more @ 0.64 (if drop) with TP1 @ 1.36 and TP2 @ 1.71
Happy trading.

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Forgot to put chart order

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Note that this coin (i.e. ETH token) is designed to stay between 0.96 - 1.06
This is the reason of rebasing process. While coin liquidity is low - it is normal to see higher fluctuations as exampled in chart between 0.64 - 1.37
In the future this region will become thigh and tight until target zone is reached.
So I do not recommend to wait for a second TP @ 1.71.
Stay safe! Rebasing works! Coin is returning every time to around 1$.
You can always trade derivatives instead of coin/token! This way negative rebasing will not affect your account.
Bitfinex offers derivatives trading on AMPL with leverage up to 20x. This way you can even short it.

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Take a close look at the 1H chart. We are near the end of consolidation with target around 0.80

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Expected lower low at 15M

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It is possible to break up triangle at current price level, so be prepared!
I will enter long position very soon no matter the price reach or not 0.80

Trade active

I am already in long position opened @ 0.816
A new 1H candle begins.

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Remember to take profit!
Primary goal is reaching 1.37
After that we can see if 1.67 is reasonable.
But keep in mind that 1 dollar is a target, so 1.00$ have to be always a mid-stop to take profit also. Don't be greedy!

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Wow, we see 0.80
I was not having a patience to wait for it.
Now we can wait for a bulls to wake up. :)

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Hope you enjoy the retracement!
See next critical resistances ampl need to break. We can see some pull back from downtrend upper line.

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I expect to seem something similar to this:

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I just switch to weekly chart to find that. Interesting part is that upper line crosses 1.67 where is my final target. Hmmm. I like confirmations when looking on a bigger chart.

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As always 50 EMA makes some troubles.

But the good news are that EMA 50 already cross MA 50, so this fight with EMA50 should not be a problem.

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On a 15M chart ample touch upper trend line @ 0.93 and going back to EMA50 at 0.87
We have to take time on ample and be patiet.

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Just 3-4 hours and ample should exit that consolidation.
I hate to make analysis on a 15M charts, but here seems things are clear.

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That is the reason I hate 15M charts.
Things changes too fast. Consolidation triangle should be:

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Bears are stronger than expected.
If the price go bellow retrace line - this idea will be no longer valid. The trend will stay bearish and we can see 0.64 again.
on next rebasing we will see another pump up. This time it is near the cross of retrace line and upper line of downtrend.
however I am prepared ti buy more @ 0.64

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A bit late, but downtrend was broken up!

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Guys do not make stupid things.
My retrace line was wrong as it is seen already, but we cannot ignore the chart:

First bounce from bottom dynamic support:
From 0.28 to 1.39 in 4 days
Difference: 1.11 (0.2775 per day)
Total gain: 496% (100% per day)

Second one:
From 0.43 to 1.47 in 2 days
Difference: 1.04 (0.52 per day)
Total gain: (341% or 120% per day)

Third (current one):
From 0.72 to
Difference:
Total gain:

I leave it empty. Write your own numbers there. Just follow the previous ones.
You cannot leave the chance to gone away. This is rare situation. It is the same as bitcoin. You have to own a bitcoins.

nixel

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