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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! Like 👍 and Follow to learn more about: 1. Reading Price Action 2. Chart Analysis 3. Trade Management 4. Trading Psychology
COINBASE:IMXUSDLong
by TraderEngineering
1
IMX → Immutable Going Into a Nose Dive!? We're Almost There.IMX is deep into its bull trend along with the rest of the crypto market. We have fewer signs of a reversal on this chart compared to others, but many of the same themes are playing out. How do we trade this? 🤔 We have three pushes to the upside in a bull channel, an RSI at 73.00, and an upcoming Resistance Zone that support the idea of a reversal. However, we're lacking any kind of confirmation. It's reasonable to look at this chart with a bullish bias and prepare for small position long scalps, but I wouldn't be swinging for the fences with a massive long to the upside, not without more price action and show of support to confirm. One potential trade is to let the price reject from the Resistance Zone and with some confirmation candles closing on or near their lows, take a standard 1:2 Risk/Reward short position. Until then, it's reasonable to stay on the sidelines until more price action plays out. 💡 Trade Idea 💡 Short Entry: $2.53 🟥 Stop Loss: $3.00 ✅ Take Profit #1: $1.58 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Bull Channel, Bias to Long. 2. Three pushes up in a bull trend. Could be near end of Trend. 3. Gap to 30EMA, look for Support. 4. RSI at 73.00 and above Moving Average. Need to fall below Moving Average for short. 5. Bitcoin is running hot to the upside, risk of trend change. ⚠️ 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!
COINBASE:IMXUSDShort
by TraderEngineering
4
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!
COINBASE:IMXUSDLong
by TraderEngineering