IMX back inside the wedge
Updated
IMX has bounced back inside this wedge, causing a takeout to the downside and a great long buying opportunity.
To reduce risk we could sit at the support level ~ 0.677 with a stop just below (invalidation point.
Targets wise, first stop you have the historical price action around 0.730, which also lines up nicely with a 0.618 retracement of the recent leg down.
Above that you have the diagonal resistance and then above that (hopefully after a breakout) you have the horizontal price action resistance ~0.8
Clear trade idea with clear stops. :-)
To reduce risk we could sit at the support level ~ 0.677 with a stop just below (invalidation point.
Targets wise, first stop you have the historical price action around 0.730, which also lines up nicely with a 0.618 retracement of the recent leg down.
Above that you have the diagonal resistance and then above that (hopefully after a breakout) you have the horizontal price action resistance ~0.8
Clear trade idea with clear stops. :-)
Note
always nice to observe the bitcoin pairing....its looks healthy, with a penant formation on the 1hour. It looks like the trend could easily be invalidated though, and we go to retest the s/r line once more. The longer time frame (1 day) looks very bullish for IMX/BTC which is always a plus point when trading any USDT pairing as it helps massively. Note
we have our entry and the test of support.
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