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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 → 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! If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
COINBASE:IMXUSDShort
by TraderEngineering
2