SUB/BTC possible trade
Updated
Sub has a bright future so is a coin ill be paying close attention to in coming months.
I have noticed a possible trade here, Sub broke its overall downtrend recently and has been respsecting the 8000 sat support line for some time now forming a bear flag.
With BTC nearing on completion of a head and shoulders there is a good chance of the market overall going bullish again, in which case we could start to see alot of bowl action across the board.
I expect some more sidways movement before closing in on the penant and trying for another break out, if we do there is 2 resistance lines that we may see some pull backs on, one around 10,000 sats the other around 11,000 sats.
If you can get an entry under or around 8000 sats there is an opertunity for 20-30% profit. stops around 7500 for a rough 4.4:1 R/R ratio.
I will personally be loading up a bit at a target of 8000 sats, if it breaks support i will most likely short it to the 6200 support for a 20% extra bag and hopefully ride the bounce, regardless im bullish on this coin to do well this year.
as always keep an eye on btc as its moving to a critical turning point right now between 9000 and 9200 usd.
I have noticed a possible trade here, Sub broke its overall downtrend recently and has been respsecting the 8000 sat support line for some time now forming a bear flag.
With BTC nearing on completion of a head and shoulders there is a good chance of the market overall going bullish again, in which case we could start to see alot of bowl action across the board.
I expect some more sidways movement before closing in on the penant and trying for another break out, if we do there is 2 resistance lines that we may see some pull backs on, one around 10,000 sats the other around 11,000 sats.
If you can get an entry under or around 8000 sats there is an opertunity for 20-30% profit. stops around 7500 for a rough 4.4:1 R/R ratio.
I will personally be loading up a bit at a target of 8000 sats, if it breaks support i will most likely short it to the 6200 support for a 20% extra bag and hopefully ride the bounce, regardless im bullish on this coin to do well this year.
as always keep an eye on btc as its moving to a critical turning point right now between 9000 and 9200 usd.
Note
Sub hasnt played out the way i wanted how ever is following one of my predictions, couls ee a bounce now from 7200 to 8200 if btc moves sideways today, or it could go down to the next support at 6180, which will be a nice pick up for a long term hold imo
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