Elrond Hits New Low, Remains Super Bullish
Updated
The last support for ERDBTC was sitting at 15 satoshis and was broken on the 13th of March.
A new low was hit at 13 but the charts for ERDBTC remain super bullish, why is that?
When a strong support is broken you expect to see big volume bars, yet, the trading volume here is really low. The MACD is also printing bullish divergence.
So this support is taken out as a "stop-hunt", the bots are looking for liquidity and this activates all the stop-loss. (We use manual stop-loss so we are not affected by this).
Prices for ERDBTC are very likely to move back above resistance really soon.
Make sure to have a plan if you decide to trade this pair... What would you do if you buy now but instead of going up, ERDBTC starts to crash strong... Will you sell at a loss? Will you wait? If you wait for how long or how deep?
Always build a strategy BEFORE you buy/trade in order to avoid difficult situations.
Knowing what to do and when before buying, will surely help you become a better trader and produce way better results.
Thanks a lot for your support.
This is Alan Masters.
Namaste.
A new low was hit at 13 but the charts for ERDBTC remain super bullish, why is that?
When a strong support is broken you expect to see big volume bars, yet, the trading volume here is really low. The MACD is also printing bullish divergence.
So this support is taken out as a "stop-hunt", the bots are looking for liquidity and this activates all the stop-loss. (We use manual stop-loss so we are not affected by this).
Prices for ERDBTC are very likely to move back above resistance really soon.
Make sure to have a plan if you decide to trade this pair... What would you do if you buy now but instead of going up, ERDBTC starts to crash strong... Will you sell at a loss? Will you wait? If you wait for how long or how deep?
Always build a strategy BEFORE you buy/trade in order to avoid difficult situations.
Knowing what to do and when before buying, will surely help you become a better trader and produce way better results.
Thanks a lot for your support.
This is Alan Masters.
Namaste.
Note
Perfect hit on this one.New analysis:
Note
Looking pretty good.Note
TARGET:1) 22 |Hit 14-Feb.
2) 24 |Hit 19-May
3) 26 |Hit 21-May
4) 30 |Hit 2-June
5) 33
6) 37
7) 43
8) 52
9) 66
Note
TARGET:1) 22 |Hit 14-Feb.
2) 24 |Hit 19-May
3) 26 |Hit 21-May
4) 30 |Hit 2-June
5) 33 |HitJune
6) 37 |HitJune
7) 43 |HitJune
8) 52 |HitJune
9) 66 |HitJune
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