BAOUSD - Bullish but unsure of Breakout
Updated
The fundamentals of BAOUSD have me very bullish on the project as the use cases allow for more use of synthetic assets as shown in their documentation.
As shown in the charts I have an upper range of where we could have a reversal for profit takers to create downward pressure on price or if it pushes past it to break the trend to see some further adoption which would entice more buyers to jump on the BAOUSD train.
Trade Idea:
When we hit the cradle (in between the green trend lines have a short position opened to predict profit takers) and aim to take profits and convert into BAOUSD straight away in the scenario of the price moving down.
If the price continues to increase past the cradle let the Short get liquidated (use a subaccount to limit loses and have it act as a stop loss) and open a long position (again use a subaccount to limit loses and risk).
Another scenario which I think has a low chance but...this is the crypto markets is that we do get a test of the Local low (Horzontal lines in red) in which I would open a heavy long position given there is no terrible news on the project with mismanagement.
Would love to hear your thoughts on if you think this is a key point for BAOUSD that we should be keeping our eye on.
As shown in the charts I have an upper range of where we could have a reversal for profit takers to create downward pressure on price or if it pushes past it to break the trend to see some further adoption which would entice more buyers to jump on the BAOUSD train.
Trade Idea:
When we hit the cradle (in between the green trend lines have a short position opened to predict profit takers) and aim to take profits and convert into BAOUSD straight away in the scenario of the price moving down.
If the price continues to increase past the cradle let the Short get liquidated (use a subaccount to limit loses and have it act as a stop loss) and open a long position (again use a subaccount to limit loses and risk).
Another scenario which I think has a low chance but...this is the crypto markets is that we do get a test of the Local low (Horzontal lines in red) in which I would open a heavy long position given there is no terrible news on the project with mismanagement.
Would love to hear your thoughts on if you think this is a key point for BAOUSD that we should be keeping our eye on.
Trade closed: target reached
We have just touched the upper band so I have initiated a short position with the SL of 0.0016 which would switch me into a long and IMO will anticipate a big run to the upside.I will be looking at setting up at taking profits and will fill you in if this plays out which positions I will take.
So I am trading the FTX: BAOPERP but using FTX:BAUUSD as my guide in TA.
Comment
What a nice trade.We have just touched the 61.8% level so I have pulled out of the trade and looking to switch direction quickly on a small high leveraged trade.
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