$PHA/BTC 12h (Binance Spot) Falling wedge breakout & retest
Updated
Phala Network pumped then got rejected on 200MA resistance, now heading towards 50MA support where we expect a bounce back!
Current Price= 0.00000970
Buy Entry= 0.00000960 - 0.00000876
Take Profit= 0.00001169 | 0.00001472 | 0.00001979
Stop Loss= 0.00000751
Risk/Reward= 1:1.5 | 1:3.32 | 1:6.35
Expected Profit= +27.34% | +60.35% | +115.58%
Possible Loss= -18.19%
Fib. Retracement= 0.382 | 0.559 | 0.786
Margin Leverage= 1x
Estimated Gain-time= 2 months
Websites: phala.network app.phala.network
Contracts:
#Mainnet
#ERC20 0x6c5bA91642F10282b576d91922Ae6448C9d52f4E
#BEP20 0x0112e557d400474717056c4e6d40edd846f38351
#HECO 0x51aa144e0c2fec20c5f19e25352838ff7fe1ed74
Current Price= 0.00000970
Buy Entry= 0.00000960 - 0.00000876
Take Profit= 0.00001169 | 0.00001472 | 0.00001979
Stop Loss= 0.00000751
Risk/Reward= 1:1.5 | 1:3.32 | 1:6.35
Expected Profit= +27.34% | +60.35% | +115.58%
Possible Loss= -18.19%
Fib. Retracement= 0.382 | 0.559 | 0.786
Margin Leverage= 1x
Estimated Gain-time= 2 months
Websites: phala.network app.phala.network
Contracts:
#Mainnet
#ERC20 0x6c5bA91642F10282b576d91922Ae6448C9d52f4E
#BEP20 0x0112e557d400474717056c4e6d40edd846f38351
#HECO 0x51aa144e0c2fec20c5f19e25352838ff7fe1ed74
Trade active
All entries filledPhala Network kept retracing down to retest the wedge support, let's be patient now!
Trade closed: target reached
TP1 was reached with +27.34% and +1.5RPhala Network bounced as predicted, precisely hitting first target, way to go!
200MA is acting as resistance right now, SL edited to lowest entry (0.00000876₿)
Trade closed manually
Remaining position was closed with -4.58% and -0.25RPhala Network got rejected big time by 200MA leading to more downtrend.
If you did not update the SL as recommended, you got kicked out lower anyway!
If you are still in then there is a small chance it could bounce back towards 50MA.
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