REEF IMPENDING A YEARLY BREAKOUT
Updated
In this chart of BINANCE:REEFUSDT on a weekly timeframe, the price has touched the strongest trendline of REEF as of this date. As a trader, it sparks excitement for a potential breakout that could happen soon.
In this technical analysis, the coin is forming a divergence wherein the price is creating a lower low and our indicators showing a higher low, citing a bullish divergence.
And the price movement clearly shows the diagonal support and resistance lines, leading to this yearly falling wedge pattern. Take a peek on the instances of the coin hitting the trendline (highlighted in red) in this chart below.
Additionally, the month of October and November proved to be special for the coin and it shows the firmness of the resistance line.
If a rejection happens, I will consider this diagonal support for a possible breakdown intraday short play.
Today is weekend, so I don't expect a massive movement for now. Though still on a downtrend, expect a massive increase in the price if it breaks out the year-long trendline. We will have to WAIT for that to happen, it's just a matter of time and patience as I would point out in my previous posts.
Always PLAN your trades and happy trading!
In this technical analysis, the coin is forming a divergence wherein the price is creating a lower low and our indicators showing a higher low, citing a bullish divergence.
And the price movement clearly shows the diagonal support and resistance lines, leading to this yearly falling wedge pattern. Take a peek on the instances of the coin hitting the trendline (highlighted in red) in this chart below.
Additionally, the month of October and November proved to be special for the coin and it shows the firmness of the resistance line.
If a rejection happens, I will consider this diagonal support for a possible breakdown intraday short play.
Today is weekend, so I don't expect a massive movement for now. Though still on a downtrend, expect a massive increase in the price if it breaks out the year-long trendline. We will have to WAIT for that to happen, it's just a matter of time and patience as I would point out in my previous posts.
Always PLAN your trades and happy trading!
Note
The price had a breakout and I expected it to momentarily halt since it's non-market day.
If you entered on the breakout, congratulations and just hold it for now.
And to those who didn't enter like me, take note of this price line of $0.001622, which is a multi-month trendline, if it breaks out with confirmation then expect a massive movement again.
Note
The price had a breakout but still near the multi-month trendline. Identified the potential resistance at $0.001684. Note
👀 Another breakout? Note
In this chart above, an inverse head and shoulder has formed on an uptrend making the mentioned resistance of $0.001684 as the neckline. Observing the head on this pattern, it had a bounce on the near-yearly resistance now as a new potential support.Note
The head and shoulders pattern was invalidated by the price rejection of the $0.001684 resistance and correlated movement from other altcoins. Right now, the mentioned resistance forms a double top, possible bearish move as it goes uptrend on an hourly basis. $0.001553 would be the possible neckline of the pattern. Use logarithmic for the chart.tradingview.com/chart/GcInDl4i/
Note
Apologies for those who anticipated my REEF position trade. I would like to share my current trade which I bought at the logical price of $0.0015, a MAJOR and STRONG trendline and entered because of the confirmation of a bounce play.
Already took my first take profit area around the 0.382 and recently took profit on the 0.5 Fib retracement level as shown above.
Note: In position trading, it would take weeks and months before earning the desired take profit areas and wider stop loss. As of this writing, my trade with REEF spans almost a month now come the 6th :)
Trade active
Its been a month now for this position trade with REEF and hit another take profit area of $0.00206 from a massive breakout on the strong trendline. The next target would be at $0.002419, which is a 0.618 Fibonacci level. Note
Currently 1000+ % gain on this trade along with the correlated move with other coins, but not yet reached the target profit. I've been not doing trades much for this week and just held my positions with REEF along with FTM, FET, BTC, OP, and SOL (on past $100) with set stop loss and profit areas.
Note
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