Myro / TetherLong
Longing MYRO
Myro Long: Opened 7/9
Entry: 6.2c
R/R: 26:1
August/September are bearish months seasonally. Knowing this, the best time to be looking for longs is generally mid-late September. BTC Halving occured 6 months ago. Price has been in a sideways consolidation near all-time highs since then.
BTC has just had a strong move downwards and price is now sitting on a high time frame support, at the bottom of it's 6 month range. It has found it's current low on an important 4h order block. Taking seasonality into account, the bottom could be very close, if not in already.
Trade Reasonings:
-In terms of support/resistance, MYRO has been behaving very well with horizontals and OB's (Order Blocks). There has been strong support shown at the bottom daily OB (in blue), despite Bitcoin's recent downward pressure.
-MYRO has been in a clear downtrend for 6 months. It is now near historical lows, but price is currently being supported by a strong daily OB and horizontal support. Strong R/R in this area. Bouncing here would put in a weekly higher low.
-The daily has set in 3 drives of bullish divergence.
-A falling wedge is forming. Daily OB aligns with the bottom of this pattern for confluence.
Final Considerations:
-MYRO has performed very well during it's uptrends so far
-Seasonality suggests the market may start trending up within these next few weeks
-Price is on Daily OB support
-Price is on Daily horizontal support
-Price is on Weekly horizontal support
-Price is at the bottom of a falling wedge
-Bouncing here would set in a weekly higher low
-Falling wedge is 75% filled in, which is where wedge patterns often find there direction
-Target of the falling wedge would be as high as 37c. My take profit has been set at 34c as this also aligns with a daily OB and daily resistance.
-Risk/reward ratio based on this trade is 26
-MYRO is still range bound between the two lower OB's, but a reclaim of 9.6c would be a strong indicator that the falling wedge may break out
Entry: 6.2c
R/R: 26:1
August/September are bearish months seasonally. Knowing this, the best time to be looking for longs is generally mid-late September. BTC Halving occured 6 months ago. Price has been in a sideways consolidation near all-time highs since then.
BTC has just had a strong move downwards and price is now sitting on a high time frame support, at the bottom of it's 6 month range. It has found it's current low on an important 4h order block. Taking seasonality into account, the bottom could be very close, if not in already.
Trade Reasonings:
-In terms of support/resistance, MYRO has been behaving very well with horizontals and OB's (Order Blocks). There has been strong support shown at the bottom daily OB (in blue), despite Bitcoin's recent downward pressure.
-MYRO has been in a clear downtrend for 6 months. It is now near historical lows, but price is currently being supported by a strong daily OB and horizontal support. Strong R/R in this area. Bouncing here would put in a weekly higher low.
-The daily has set in 3 drives of bullish divergence.
-A falling wedge is forming. Daily OB aligns with the bottom of this pattern for confluence.
Final Considerations:
-MYRO has performed very well during it's uptrends so far
-Seasonality suggests the market may start trending up within these next few weeks
-Price is on Daily OB support
-Price is on Daily horizontal support
-Price is on Weekly horizontal support
-Price is at the bottom of a falling wedge
-Bouncing here would set in a weekly higher low
-Falling wedge is 75% filled in, which is where wedge patterns often find there direction
-Target of the falling wedge would be as high as 37c. My take profit has been set at 34c as this also aligns with a daily OB and daily resistance.
-Risk/reward ratio based on this trade is 26
-MYRO is still range bound between the two lower OB's, but a reclaim of 9.6c would be a strong indicator that the falling wedge may break out
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