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!
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