LibraryCredits: Fibs, Fans, Fundamentals and Candle Fun
Updated
This is a raw, long-term, long trade idea for LibraryCredits based on the market's relative respect for key fibonacci levels, the formation of specific types of candles within the last few days, as well as consistent, long-term formations of higher highs and higher lows throughout the price action history. We set our profit target (an ambitious 77%) based on the anticipation that the market will once again respect (if but temporarily) the 38% fibonacci level. I want to be clear that even though I view this as a long-term investment, opportunities for profit-taking may present themselves within an intermediate timeframe of one to three months or less, and should be exercised, though I recommend always retaining some level exposure for the long-term. Our stop-loss is based on the simple desire to preserve capital (50%) should this trade move against us substantially, but all targets are subjective and dependent upon your appetite for risk and many other factors. The larger highlighted circle demonstrates the continued formation of higher highs and higher lows even following an explosion in price, volume, and liquidity. The first smaller highlighted circle demonstrates a 2 or 3 candle pattern where selling pressure evaporated, and the market resumed upward, and the second circle is showing a very similar candle setup, suggesting that the tide might turn once again. LibraryCredits is a platform for sharing and hosting free content. It is another example of a small but reliable, proven workhouse in the digital asset space. Happy Hunting Everyone.
Comment
I want to post an update to this trade, which has moved into profitability in less than four days, over 25% from the spot price at the time I posted and the spot price right now, which is moving around 19000 Satoshis. If you had taken this trade instantly, you could extract a portion of profits now with over 25% profit, in about four days. Get in the habit of winning, folks. It's not about what you win, a win is just that, you gotta do more winning more times. get in the steady habit of winning first instead of always looking for the big win. Happy Hunting.
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