Long

TFUEL breaking up

By pollux3000

Updated

Following the trade setup the second token of this project is breaking up

More info to come

Note

Weekly: long term analysis

Theta Fuel (TFuel) is the native cryptocurrency of the Theta Network.
Setup is very similar to the THETA one I published some time ago and linked in the above post.

After a 95% decrease since the last ATH, TFUEL built a strong and clear horizontal support at the 0,03$ level.

Prices have evolved in a clear range since almost one year ago. Today TFUEL is attempting to break the resistance and might follow THETA strong upward movement we saw these last days.

Strategy
Buy signal on the clear breakout of the 0,064 horizontal resistance line with significant volume which is happening today.

- Objective 1: Next resistance and range swing move target at 0,138$ (+100%)
- Objective 2: Next resistance near ATH 0,392$ (+450%)
- Then trend following strategy

Invalidation
Mental Stop: just below the latest swing low within the range at 0,04$.
This setup proposes a nice Risk Reward.

If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.

Trade closed: target reached

Objective 1 was reached on 31st of March which made +100% profit for the first portion of our trade 🚀.
Due to high volatility, our stop is placed at our entry level which was executed on April 13th.

In total we made a nice +50% profit on this trade. It is always frustrating to give back some profits to the market but let's move on and focus on our next opportunities.

pollux3000

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