Bottom Feeder Trade off momentum and market structure.*Entertainment Purposes Only, not trade advice. DYOR
I really like the story behind this coin. Consistently in top 100 cryptos. On multiple exchanges. It does have a lot of outstanding coins though.
Reasons for trade:
Location it is between .618-.786 and at .786 off two different fibs (double entry zones) from most recent highs. It's near the bottom of its range from 4/2019.
To the upside, there are a lot of gaps, wicks, and huge potential.
It looks like an unconfirmed W might becoming in price action right in the entry zone, double powerful.
It has a couple MACD divergences, one of them confirmed. Most recently, MACD and Price converge.
There is volume starting to come in. Like the green bar action.
Multiple moving average confluence.
Willy has a cross and is coming out of oversold.
OBV crossed the EMA.
And there is market structure in the indicators: OBV, MACD, and Willy, and PA has a potential W brewing.
Double dojis on daily.
There is "saucer bottom" action for over a year.
Trade Entry:
Took fib off recent candle body (even though it hasn't closed) will try to sneak in a little pull back at 26 sats. Less than .05% of capital.
Profit Target: 52 Sats at a double, sell half my position. Potentially feed the market at parking garage locations drawn from fib extension if PA W confirms.
Risk: Willing to risk to zero.
BITTREX:SCBTC
