Simple trading idea for long position with RSI and FibI have a bag of Fartcoin. I am planning to hold it for a while, but there is one possible trade idea using RSI in the daily chart.
On Dec 8th, RSI lines cross to the upside in the bull zone and the price continue to go up until RSI lines reached the overbought territory and crossed to the downside. If you opened a long position at the close of Dec 8th's candle and closed at the close of Dec 20th's candle, the risk reward ratio was 1:3.
The same set up just appeared two days ago. RSI lines crossed in the bullzone. MACD lines have also crossed and the first green histogram appeared as well, which is pretty bullish.
If you are interested in swing trading it, you can open a long position now with stop loss just below the previous week low and profit target at $2.97. It will be a risk reward ratio of 1:3. You can also take profit in stages according to the Fib extension levels - 1.618, 2, 2.618 and 3.
It is just an idea.
