Long
RISE Buy Oppertunity
Rise is currently in a great position to enter into a position. We can see that after its high of around 0.00016 in late August,it has retraced and nicely bounced off of the 0.786 Fib level. It actually looks to be using Fib levels nicely and is currently using the 0.618 level as support. It also appears to have created a cup and handle pattern in its latest dip, which saw 100% gains on the way back up. Currently just above the oversold area on the Stoch chart, if we can break descending resistance, I can see it aiming for the ATH mark. Will be even more confident if it can stay above the Ichimoku cloud it currently sits in. The exciting thing is that we could be at the start of an elliot wave cycle, with wave 3 about to start. As the market right now is quite unpredictable, I'd be setting stops just below the 0.618 Fib level. I'll be taking some profits at around the 0.000125 mark
Entry: 0.000085
Target: 0.000125
Stop/Loss: 0.000074
Entry: 0.000085
Target: 0.000125
Stop/Loss: 0.000074
Trade closed: stop reached
Stopped out. Will look at different re-entry point
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.