PHX/BTC could look to move higher following consolidation.
Updated
PHX/BTC had an insane run to 1000 sat's yesterday. Now, we are consolidating and could look for another move up soon. As shown by the chart, the .382 fib level around 500 sat's has acted as a support zone so far for the most part. I'll be watching for a break above 614 and 690 with conviction, respectively. We saw GO/BTC have a similar initial move, consolidate, then move up higher then the initial move. There is a chance PHX/BTC could be similar in that regard.
Entry: 485-540
Target 1: 614 (.618 fib level)
Target 2: 690 (.786 fib level)
Target 3: 787 (1 fib level)
Target 4: 910 (1.272 fib level)
SL: 460-470 (below the recent low around 480.)
These targets could be exceeded if we really get some nice momentum and buying pressure (as we've seen with other coins that have similar circumstances.)
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
Entry: 485-540
Target 1: 614 (.618 fib level)
Target 2: 690 (.786 fib level)
Target 3: 787 (1 fib level)
Target 4: 910 (1.272 fib level)
SL: 460-470 (below the recent low around 480.)
These targets could be exceeded if we really get some nice momentum and buying pressure (as we've seen with other coins that have similar circumstances.)
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
Note
Examples of other coins moving up if not higher following consolidation (I'm aware causation does not equal correlation, but it is worth noting given their similar price and market cap): GO/BTC:
DOCK/BTC:
Note
DOCK/BTC prior to the above image: Note
Market broke down and most of the alt's followed. PHX/BTC is finding support at my .236 level around 440. Watch for that to break; as for if it does, we will probably see it move down to the mid 300's where it'll get support from some of the 4-hour EMA's. If we get a break up, there will most likely be resistance around 510, 560, and 614. The 4-hour has a nice green candle forming right now, so if the market starts to turn around, we could see that develop into something worth taking note of. Trade closed: stop reached
Broke our initial stop at 460-470 and then broke below the .236 fib level around 440.
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