Hello traders,
I will be switching gear a little bit as cryptocurrency trading is becoming a little bit of boring. Don't get me wrong, I simply stopped trading and I intended to go back again when I see the opportunity.
Looking at the 4 hour chart, we see that WEED is forming a daily equilibrium since September and it is hitting the buy zone which roughly overlaps with 50% fibonacci level. There was a huge buying volume in 5 mins before the day closed which indicate potential trend reversal.
There should be another wave of hype before legalization in Canada, therefore I will set two selling orders.
First one will be around $68-69 where I expect some blue trendline resistance. I will sell 50% of my share at this point.
Second one will be around $74-$75, as there may be a fake bull breakout before Oct 20th. Most likely it will be pumped and dumped so I will see all my shares around that range.
Stop loss: $56
Happy trading!
I will be switching gear a little bit as cryptocurrency trading is becoming a little bit of boring. Don't get me wrong, I simply stopped trading and I intended to go back again when I see the opportunity.
Looking at the 4 hour chart, we see that WEED is forming a daily equilibrium since September and it is hitting the buy zone which roughly overlaps with 50% fibonacci level. There was a huge buying volume in 5 mins before the day closed which indicate potential trend reversal.
There should be another wave of hype before legalization in Canada, therefore I will set two selling orders.
First one will be around $68-69 where I expect some blue trendline resistance. I will sell 50% of my share at this point.
Second one will be around $74-$75, as there may be a fake bull breakout before Oct 20th. Most likely it will be pumped and dumped so I will see all my shares around that range.
Stop loss: $56
Happy trading!
Note
Would you look at that while Bitcoin is stuck at $6500 for the longest time, WEED is making its move. If you bought it when I posted yesterday, congrats on 8% profit :)There is a resistance around $66 so I may swing trade a little around that region.
Note
Decent day in WEED today, can't complain to quick 10% profit. I sold some of my position, hoping to get back right in around $62. Trade closed: target reached
First target reached! Let's see if it hits second targetTrade closed: target reached
The second target reached. Just look at that selling pressure after reaching my second target.
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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.
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.