We started monitoring this asset as soon as it entered the horizontal channel and this was accompanied by the increased volume. The price formation is now looking like a double bottom and the following evidence supporting that: 1) We broke the 50 daily MA line 2) A steady increase in the volume after the second bottom and the current bar is above the 20 MA 3) A steady increase in RSI while the price was forming the double bottom pattern
To make an accurate entry we are waiting for the following: 1) Break the resistance of the most recent pick at $32.92 with good volume 2) Re-check this level as a support.
Preliminary setup: Entry: 33.00 Take Profit: 39.95 Stop Loss: 30.23
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Comment
we broke the resistance at 32.92. The RSI is forming a new high. So far going according to plan.
The price has to form a new higher high, and then our set up can be completed. The entry would be as I stated in the preliminary setup.
Comment
the price went up too fast without any retracement. The set up is not valid. the price can reach 200 MA as a next resistance level, however, the risk-reward ratio will not be worth it.
I am currently monitoring the short positions for DASH/USDT and ETC/USDT
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