CGLDUSD/CELOUSD Double Bottom Breakout Incoming?So I am the best purveyor of advice I
don't myself listen to it seems, because
2 days before CELO's--or as Coinbase
denominates it--CGLD's breakout to
10.8, I drew up an unpublished chart
which illustrated my reasoning for
thinking that it was due for a double-up
at least very soon (basically it seemed
to me it was at the tail end of a massive
bullish pennant that had been building
up over a long period of time). The end
point was, of course, a guesstimate,
since you can never pinpoint exactly
where a breakout begins, just provide a
likely range.
Notably, I did not keep this in mind,
because, well, I invested in 940 of them
at $4.65 on August 28, and, as I
watched the price waver a bit the
following day, I got spooked, hands
turned papery, and liquidated my entire
holdings, selling half of them at break
even, a quarter for $4.20 and
everything else for BTC.
And of course, what do you know? On
August 30, my erstwhile CELO/CGLD
holdings absolutely mooned, hitting an
all-time high of $11 on Coinbase Pro.
Double-bottoms are more touch-and-
go, so l may or may not stick to this
plan. Right now I am down, having
bought 7.5k at around $6.06. But
unless the price completely deserts the
curves you see forming the purple 'W',
with the gradually decreasing selling
volume and CELO's recently solidly
established supports at 5.33 and 5.5 l
do project a return to at least $8 levels
in the next day (give or take a few
hours).
Happy trading, and I assume no
disclaimer is necessary to protect
myself from liability in the event this
trade idea fails for those of you reading
this who choose to open a long position
afterwards, because…DYOR.
COINBASE:CGLDUSD
