IMXUSDT 5DIMX ~ 5D
#IMX Looks like it has finished completing Wave 5 of its Decline. this would be a very good purchase price by far. with a minimum target of 10-20%
Imxbuy
IMX → Immutable Descending Wedge Bullish Pattern. Time to Long?IMX has been in a descending wedge pullback after a three-legged bull run. This appears to be a textbook long setup, but is it?
How do we trade this? 🤔
The long setup in front of us is reasonable, but there are a few data points in our way. What's in favor of a long position is the descending wedge pattern after a three-legged bull run. The pullback has three pushes down with some strong buy bars, signaling upward pressure.
However, we are still below the Daily 30EMA and a distance from the Support Zone top at $1.49 and the Daily 200EMA at $1.35. You can argue that the third bounce off the descending wedge support is out low and we can place our stop loss there, and that is reasonable. I am suggesting exactly that trade is reasonable after a break of the Daily 30EMA and a re-test of the descending wedge resistance as support. The stop loss can be placed below the previous wedge low of $1.70 with a profit target at a 1:1 Risk/Reward Ratio of $2.414.
💡 Trade Idea 💡
Long Entry: $1.990
🟥 Stop Loss: $1.566
✅ Take Profit: $2.414
⚖️ Risk/Reward Ratio: 1:1
🔑 Key Takeaways 🔑
1. Three pushes up in a bull channel.
2. Descending Wedge bullish pattern with three pushes down.
3. Strong bull signal bars on every wedge push.
4. Suggested to wait for a break of Daily 30EMA and a re-test of wedge resistance as support.
5. RSI at 48.00 and above the Moving Average, supports long bias.
💰 Trading Tip 💰
The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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IMX → Immutable Ready for a Bull Run? Let's Optimize Our Trade.Immutable has fallen out of the bull channel and is trailing sideways around the 30EMA. We don't have any signals to determine if the next move is a drop or pop.
How do we trade this? 🤔
We don't have enough justification to enter a trade in either direction at this time. What we do have; The macro trend is clearly bullish, we're still above the 200EMA and have not tested it yet, RSI is around 40.00 but below the moving average, this could all be argued in the bull's favor. That the RSI is getting low enough to signal a reversal to the upside and that reversal could happen at the 200EMA. Because of the macro trend, our bias should be long. This analysis maintains that bias while also acknowledging we need key signals before entering a trade.
Until then, let's see how the price action plays out. FOMO (Fear of Missing Out) is your worst enemy. I find combating FOMO is best conceptualized as " You're making more money by not falling for the seduction of market profit. "
💡 Trade Idea 💡
Long Entry: $1.30
🟥 Stop Loss: $1.17
✅ Take Profit: $1.56
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bear Breakout of Bull Channel! End of Bullish Bias.
2. Failed to re-enter.
3. Look for Support at 200EMA.
4. If bounce at 200EMA, look for Bull Signal Bar to Long.
5. RSI at 40.00, Bias to Short in the Short-Term.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
IMX → Falling Out Of Bull Channel!? This Chart Shows The WayImmutable token is showing weakness at the bull channel support line, flirting with the idea of breaking out and putting in lower lows. All is not lost! We have potential support zones below the current price of $1.28.
How do we trade this?
Up until 12 hours ago, our bias should have remained long because we were in a bull channel. That all changed once we witnessed the 3rd Reversal Signal as shown in the analysis, when our long bias should be put on hold until we meet the bull channel support line. The price did fall to the support line but had a weak bounce, a strong indication that the bull channel was ending.
Now the price is attempting to beak below the channel support and the RSI is aiding that perception by being below the Moving Average at 40.00 with room to fall.
We need to wait for a bear candle to close below the bull channel, confirming the breakout. Then it's reasonable to scalp to the 200EMA just above $1.10. Use a smaller position size since we're sacrificing Risk/Reward for Probability. Ideally, you should be able to run this trade 100 times and make a profit and since our Risk is equal to our Reward, this trade needs to be successful over 50% of the time.
Since the macro trend is still bullish, I would wait and see what happens at the 200EMA before entering a long. If we get a strong bull bar closing on or near its high, it may be reasonable to enter a long with a protective stop just below the 200EMA. Until then, use caution!
Trade Ideas
Short Entry : $1.25
Stop Loss: $1.39
Take Profit: $1.11
Risk/Reward Ratio: 1:2
Long Entry : $1.17
Stop Loss: $1.07
Take Profit: $1.37
Risk/Reward Ratio: 1:2
Key Takeaways
1. Weak Response At Bull Channel Support.
2. Currently Attempting Bear Breakout of Bull Channel.
3. Look for Support at 200EMA
4. If bounce at 200EMA, look for Bull Signal Bar to Long.
5. If Bull Close Here at Bull Channel Support, Consider Long.
6. RSI at 40.00, Bias to Short in the Short-Term.
You are solely responsible for your trades, trade at your own risk!
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