Long

NuCypher Breaks Out! Will it Hold?

As stated in our thesis yesterday NuCypher was setting up a beautiful ascending triangle pattern. We identified a trend line for entry as well as defined our ideal profit targets and stops to control our risk. This morning NuCypher broke out on strong volume and reached a morning high of .64

The area above .62 was identified as a good area to take some risk off the trade. When price is being pushed quickly up or down there will not be a long time to identify and lock in profits. Using Limit Orders and Trailing Stops Can be an effective way to take some risk off your trade. This first target 20% above the entry we discussed and price came right up to it after the breakout.

We also back tested the previous resistance levels allowing price to move higher. Strong volume confirmed the breakout when the back test didn't fail. Price quickly moved high and broke though .655 creating a new high at .6771. Again using a limit order or trailing stop above our previously discussed .655 level would have allowed you to capture a 30% profit. This was another nice area to take risk off.

Since the highs of the day price has been moving bearishly making lower lows and lower highs. Some consolidation is expected as buyers will take profits and look for a more advantageous entry.

If you wanted to buy into NuCypher I would wait for one time framing up on the 30 minute chart to confirm the bullish trend.

Resistance Levels
.64
.655
.69

Support Levels
.60
.57
altcoinsbreakoutcryptoSupport and ResistanceTrend LinesVolume

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