Substratum (SUB) Possible descending triangle (7% movement)
Updated
Substratum seems to be holding support around the 4100 satoshi level but the resistance is getting lower and lower. Part of this may be caused by the sudden halving in volume, and thus liquidity, which means the people who hold thousands of Sub are able to severely impact the price.
I have bought Sub at 4100 and am very concerned with how it takes just around 8k of the coin to drive the coin down 2%. I have had troubles selling my position at the ideal price as the buy limit orders are very few, and have had to wait until an individual buy order came in before selling.
As we have seen with other coins such as TRX, a descending triangle will mean Substratum is likely to break down. Therefore, I would recommend having a stop loss at 4063.
If this does break up, however, our target will be 4400 sats, netting around a 7% profit.
If you want to take this trade,
Buy in:
4100 satoshi, which has been the current support.
Sell level:
4400 satoshi, which is going to be strong resistance.
Thanks for viewing! I haven't made many charts as right now as most my trades have been on the smaller timeframes. The market hasn't been doing well enough for safe 3-7 trades.
I do hope we will be entering a bullish market cycle so swing traders can have a few more opportunities on BTC/Altcoin pairs.
I have bought Sub at 4100 and am very concerned with how it takes just around 8k of the coin to drive the coin down 2%. I have had troubles selling my position at the ideal price as the buy limit orders are very few, and have had to wait until an individual buy order came in before selling.
As we have seen with other coins such as TRX, a descending triangle will mean Substratum is likely to break down. Therefore, I would recommend having a stop loss at 4063.
If this does break up, however, our target will be 4400 sats, netting around a 7% profit.
If you want to take this trade,
Buy in:
4100 satoshi, which has been the current support.
Sell level:
4400 satoshi, which is going to be strong resistance.
Thanks for viewing! I haven't made many charts as right now as most my trades have been on the smaller timeframes. The market hasn't been doing well enough for safe 3-7 trades.
I do hope we will be entering a bullish market cycle so swing traders can have a few more opportunities on BTC/Altcoin pairs.
Trade closed: stop reached
Stop has been breached, we will get a bull div if we can hold the 3.9k price however.
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