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HEX

HEX BreakoutJust days ago I posted an idea on HEX and how we wanted to wait a little while before seeking any longs. Well now, it may be time to seek longs as it has now checked off 2 major boxes from a bullish standpoint: 1) In the last 24 hours HEX has broken out of our bearish downward sloping trendline and is about 30 minutes from confirming on the daily time frame. 2) It has beautifully found support at the .236 fibonacci level and it appears to be exiting its distribution phase and entering an accumulation phase that would give it the base it needs to begin a markup in price. These 2 simple yet powerful reasons are enough to open a position for a long with a target to our swing high at $0.171 and a tentative profit taking target at $0.1593. There is also a lot of support below our .236 fibonacci level so feel free to use stop losses as your own gut tells you to.
Long
by TradeVibez
HEX DistributionThis idea will be labeled as bearish but it should it be noted upfront that I am bullish.. just not at this immediate moment. But I am closely watchful due to the fact that HEX has bullishly engulfed and formed what might be a tweezer bottom candlestick formation on the 4 hour time frame, which are technically seen as reversal patterns. HEX seems to print these formations a lot as it did similarly just over a week ago before running up 60% to all time highs. And now we find the asset in the process of doing it again should this bullish engulfing 4 hour candle close confirm. It is this reason that although the price action is getting rejected currently by my .236 fib level, as well as below a bearish downward sloping trendline that has been serving as resistance since the top, I am watching closely. Also, the first important critical area of resistance sits just inches over the current price's head and could therefor be smashed through any moment. Likewise, a rejection can occur and send the price bearishly wicking right back to the downside. Unfortunately, these things are also why I must mark this idea as bearish and warn against any immediate longs until at MINIMUM the price breaks back above the red .236 fibonacci level I have labeled and ultimately break the bearish, red downward sloping distribution line that has kept the price under water since its peak a few weeks ago.
Short
by TradeVibez
HEX/USDC retrace on smaller degree correctionHi everyone, happy trading. Here on HEX/ USDC we are currently moving up wave III (light blue) and are inside the 4th or 5th wave of the smaller degree. One of two things can happen according to EW Theory. We can either finish another leg up into the 10-13cents area for an ending diagonal . But this is unlikely since we've already had RSI divergence for the small wave 5 (red v). Or we are already inside the bigger Wave 4 (light blue) correction and are headed down to retest the 5 cents area. After this correction is finished we will be long again for the 5th wave of the larger degree (light blue) and end up somewhere between 25-30cents. UNISWAP:HEXUSDC Limit orders around 5-6 cents could potentially be a good entry. Long term target for the end of the light blue wave 5 is around 25-33cents. Longer term target for the SuperCycle (White) is $1.8-$2.00. Patience will be a virtue on this instrument. Happy trading and good luck!
Long
by Since82ny
2
HEX/USDC Elliot Wave Analysis BullishCurrent price is 0.072 cents and we are a small pullback for a wave 4 (appears to be a zigzag) of the larger wave 3 on this bull run. Target for the completion the 5th wave smaller degree (to complete the larger wave 3) is around $.12 - $.15 cents. Then we will get a bigger pullback wave 4 from all the psychological selling levels... But then another push to around $0.30 cents to finish wave 3 of the Supercycle degree. Bearish divergence can be seen in the RSI which is normal for finishing a wave 3. Today is a good day to be a buyer, and once you're in $.12-.15 cents range, take some small profits.... But get ready to be a buyer again for the pullback. The big Supercycle wave 5 completion is $1.40-$2.00 range possibly sometime next year. Good luck!
Long
by Since82ny