Superb dip after a long time accumulation - will it explode?
Updated
Hello there, this is our view on GTOBTC, enjoy!
Analysis
-On Chart:
Been accumulating in range 140-71 for a long time stuck in a falling wedge. Lately also been under a pitchfork due to a lack of volume. But now we detected a volume spike, so we believe price is now just about to explode and go for ytd highs. Support and resistances calculated with fib retracing. Wma200 moving straight far from the actual sma and price. Bollinger mid band being supporting wicks by now; also width is preparing for a sharp move. Ichimoku bearish itself.
-Technicals:
Most oscillators completed a bull divergence on h4, daily and weekly. Chaikin, money flow, rsi, stochastic and ultimate are also moving from oversold zones. Golden cross pending on stochastic (20,3,3). Also momentum oscillators are growing in bull divergences with price even if they're still stating neutral momentum. Awesome is slightly bearish, while macd is just about to form a golden cross (which will state a complete volume breakout?). Of course fear is dominating this market, so can we be greedy about that?
Strategy
It ain't much, but that's it:
Entry (long): 71 - 62 - 52
Target (mid-term): 92 - 108 - 141
If total explosion occurs, then set targets as it follows:
183 - 304 - 427 - 607 - 685 - 843 HODL MODE
Stoploss: 48
Risk/reward: upto 33.36 <- "that's a lot, but actually i prefer to stay bearish unless a big pump occurs. Don't really trust this number, stoploss is at 20% from entry so don't be stupid with your money"
Warning: very volatile. We suggest you should adopt a thorough money management for this kind of trade!
Trade safe. Anlvis.
Analysis
-On Chart:
Been accumulating in range 140-71 for a long time stuck in a falling wedge. Lately also been under a pitchfork due to a lack of volume. But now we detected a volume spike, so we believe price is now just about to explode and go for ytd highs. Support and resistances calculated with fib retracing. Wma200 moving straight far from the actual sma and price. Bollinger mid band being supporting wicks by now; also width is preparing for a sharp move. Ichimoku bearish itself.
-Technicals:
Most oscillators completed a bull divergence on h4, daily and weekly. Chaikin, money flow, rsi, stochastic and ultimate are also moving from oversold zones. Golden cross pending on stochastic (20,3,3). Also momentum oscillators are growing in bull divergences with price even if they're still stating neutral momentum. Awesome is slightly bearish, while macd is just about to form a golden cross (which will state a complete volume breakout?). Of course fear is dominating this market, so can we be greedy about that?
Strategy
It ain't much, but that's it:
Entry (long): 71 - 62 - 52
Target (mid-term): 92 - 108 - 141
If total explosion occurs, then set targets as it follows:
183 - 304 - 427 - 607 - 685 - 843 HODL MODE
Stoploss: 48
Risk/reward: upto 33.36 <- "that's a lot, but actually i prefer to stay bearish unless a big pump occurs. Don't really trust this number, stoploss is at 20% from entry so don't be stupid with your money"
Warning: very volatile. We suggest you should adopt a thorough money management for this kind of trade!
Trade safe. Anlvis.
Trade active
2 entries and first target hit so far, +37% in profitTrade closed: target reached
Try reopening it at second and third entries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.