Get started

OXTUSDT

OXT ORCHID PROTOCOL LOOKING FOR A LONG ENTRY IN THIS AREA.Hello Traders, Welcome to my OXT Orchid Protocol chart and trade idea. Firstly I want to say that I like technology but am not a "hard core" techy that can code or has any experience in encryption etc etc so from a technical perspective I know what OXT claims it can do but I dont know if this tech is actually any good or not. If you ARE a techy please leave a comment to say why you think this tech is good or bad and we can have a discussion in the comments. I am looking at this chart purely from a technical perspective starting with Elliot Wave Theory, so here goes. This chart does not have much price history but price bottomed on 12/03/20 at $0.09666 which we will "assume" is the bottom. Since the bottom price looks to have made a PRIMARY wave 1 and wave 2 as drawn on the chart. I have also drawn the MINOR Elliot Waves inside the first PRIMARY wave 1. This would suggest price is currently inside a PRIMARY wave 3. Wave 3 is normally the most bullish wave. Wave 3 should contain 5 MINOR impulse waves. Using basic Elliot Wave theory this makes me think price is currently completing MINOR wave 4 and is about to start its MINOR wave 5 inside of the PRIMARY wave 3. I have marked the top of MINOR wave 1 in purple (EW FAIL PAST HERE). Price falling below this level with a few wicks is OK, but price falling below and hanging around under this level would look bearish and break the bullish market structure. Pay attention to this level. Putting EW theory to the side for the moment we can see the price has dropped around 75% in 55 days. Buy low sell high a 75% dip is enticing. PRIMARY wave 2 did a 40% retrace in 56 days, around the same time period of correction as this wave. This market is not perfectly symmetrical but basic logic would hint at a possible change in direction here. The daily 200 MA (in RED) is an important technical level. Traders will want to see the 200 MA respected as support for price. Price at this level does represent "value" as the price has not strayed too far from the mean. The daily RSI is also possibly about to print some bullish divergence. Price needs to hold this level for a few days and the bull div will be printed. The 4hr hour is showing some bullish divergence. So, the trade... 1. What do I want to see here that will confirm my long position intention? 2. What will look bad here invalidating my trade idea? 1. "IF" price comes down a bit more to the daily 200 MA (it does not have to, its not the law) I will want to see the Daily 200 MA act as an area of support. A few wicks below is OK, but I want to see the daily 200 MA act as support and I want to see price bouncing off that daily 200 MA. If price does hold that level and prints bullish divergence on the daily and 4hr this looks good and helps confirm the long trade. This says to me bulls defended a key area. So again, price holding this key level with bullish divergence is a yes, this will take a few days to happen, no rush. 2. "IF" price falls to the daily 200 MA and falls below and closes under the daily 200 MA this will not look so good. If the price then goes down even further and starts messing around under the purple EW fail line then price will be breaking the bullish market structure and it would suggest bulls have failed to defend a key area. The problem with this approach is markets are assholes. It actually wouldn't surprise me if the price did break the 200 MA and flirt with the EW fail line, just to look super bearish and dead. That is still a 10.5% drop from the current price though and would erase the bullish divergence that is forming on the daily RSI. I want to be patient and watch what happens to the price over the next few days. Its not about catching the exact bottom or entering a trade right now (with hope) and putting your stop just under the EW fail line. I would like to monitor this area for signs of momentum change and if confirmed flow with the direction. Targets, if this long idea works. This is such a deep retrace for a wave 4 that it makes wave 5 look almost silly and elongated. Maybe we are in an ABC correction (conspiracy shocker). $1.14 is an obvious area which is just under that resistance trend line and fib cluster which would be my first TP. The green box is a broad bullish target area. I have put 2 fib sets on this chart. Without much historical price data to go off I don't have as much confidence as I normally would in this particular fib method. A fib extension target is on the chart also. Rate my chart, leave a comment. If your rich donate. Remember, DYOR, compare and ask questions. Risk management.
COINBASE:OXTUSDLong
by WickHunter
2
OXTUSDT ANALYSISIt is 12th day of this coin it is too early to talk but: Buy at the support line( $ 0,2623) sell at the resistance line ( $ 0,3605) or Find your potential profit lvl and sell it or Try to find EngineeringRobo ' s buy signal after buying this coin watch carefully every signal If you hold this coin don't hurry to sell it watch carefully every signal and find your potential profit lvl or minimum loss lvl and sell it Have a good trade. If you want to use EngineeringRobo please dm me.
by hollyphoenix
1