CFX / TetherUSLong
CFX Re-Accumulating For A Push Up?
CFX has been on our short list of big movers as its recovery in the bear market was among the highest gainers at a 25x. A clear sign of major support off a bear market bottom.
Price has since put in a higher low, higher high, and now a 100% retrace for a potential double bottom. Just sounds bullish...
In this same green range this double bottom is also the volume based value area low of the entire price range for the past three years.
Looking at the curvature of the lows in the price action we can also see a clear loss of down ward momentum into this significant macro support level.
Wave trend oscillator is also showing we are in the "time frame" of the liquidity cycle for a rotation of some kind to the upside. Unfortunately this doesn't mean there can't be some kind of major flash crash first.... Its a time thing showing the shift of momentum from selling to buying.
Current trading plan is to accumulate initially targeting a 50% rise in price for less than a 50% retrace.
Second target is a simple and very typical 50-62% golden pocket retrace and the volume based value area high of the past 3years of price action
The last target may be wishful thinking BUT if the project had enough support previous before pumping to go as high as it did and there is now more support for it.... this is what creates and expansion of the range. New and more support for the project....Typically lands in the 1.5 expansion area...
If we see the reversal and upward rise from here I would expect at least resistance and need to consolodate in these areas. If the rise continues great be each is worth location to lock in any gains, watch and reaccumulate if necessary with the rest....
Trade Well...
Your Friend,
Degen
Price has since put in a higher low, higher high, and now a 100% retrace for a potential double bottom. Just sounds bullish...
In this same green range this double bottom is also the volume based value area low of the entire price range for the past three years.
Looking at the curvature of the lows in the price action we can also see a clear loss of down ward momentum into this significant macro support level.
Wave trend oscillator is also showing we are in the "time frame" of the liquidity cycle for a rotation of some kind to the upside. Unfortunately this doesn't mean there can't be some kind of major flash crash first.... Its a time thing showing the shift of momentum from selling to buying.
Current trading plan is to accumulate initially targeting a 50% rise in price for less than a 50% retrace.
Second target is a simple and very typical 50-62% golden pocket retrace and the volume based value area high of the past 3years of price action
The last target may be wishful thinking BUT if the project had enough support previous before pumping to go as high as it did and there is now more support for it.... this is what creates and expansion of the range. New and more support for the project....Typically lands in the 1.5 expansion area...
If we see the reversal and upward rise from here I would expect at least resistance and need to consolodate in these areas. If the rise continues great be each is worth location to lock in any gains, watch and reaccumulate if necessary with the rest....
Trade Well...
Your Friend,
Degen
Note
Video Explanation and Brake Down of Chart
youtube.com/watch?v=JlE8KN_PlSw
Note
wrong link the above link is for inj and below is the CFX chart above
youtube.com/watch?v=mRi1K6c_qYM
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