ADXBTC trade ideas
ADX Trend reversalADX found strong support at the $1 (21k sats) line, and had strong volume come in that lead to a breakout of the 2 week downtrend. The breakout however was brought to a an abrupt stop at the previous support line we broke yesterday. If we fail to break resistance at 24600 sats a second it will lead to a double top and we may test 1$ support again. Buy signals- It's recommended wait for a bounce off the old downtrend line OR for conformation above the the 24700 sat resistance line before opening any long trade.
My buy in {22500 Sats} $1.04
Price target { 31000 Sats} $1.40*
Stop-Loss at {20600 Sats} $.90
Swing Trade 3-5 days
-Constructive criticism/comments welcome! Help me become a better trader
ADEXBTC - Reverse engineeringI've noticed a few patterns emerging in the ICO's that bleed as soon as they list. Sometimes I have found that the listed price starts at a 127% of what the overall price range then retraces to the 50% level as you can see in this chart. So if you imagine that we are still Bearish on this pair we could see a LL before a change of trend - the low is indicated by the fib study of the 1st corrective wave after the sell off. If we do form a COT at this level I imagine we could see the Bulls moving in and taking us up to the 50% level (mean reversion of the entire range) and at this level coincidentally is the fib extension target 127% of the previous swing. Let's see what happens. At the moment the Bears are in control. ADEXBTC [/symbol
Please use caution when you trade - the plans I create are my thoughts based on past experience in the forex market, they are not advice
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