Long Fetch AI/UsdtReasoning:
-Datadash brought to my attention, it was featured in the last dash report closer to the lows,
-Broken free of two diagonal resistances
-retesting the resistance of a reverse head and shoulder as support
-Above 21, 50, 100, 200 day moving average
-above bull market support band.
-Many of these potential support levels are converging on the same price range from $1.5-1.35
-BTC has broken above BMSB and may have just created a MSB that could lead it to new highs.
-An immediate indicator of momentum would be the 21day moving average, nick from data dash frequently references this one for swing trades in the time frame i am familiar with.
- the support zone from 0.7 to 1.0 is a long term resistance turned support, and Fetch has bounced strongly from there.
-Showing many similarities and a possible repeat of the move it had from March 2021 to sept/Oct 2021 with a double peak wherein the second is slightly higher to retest the upper bound of its long term channel.
-I plan on being very aggressive with entry and allowing a large loss percentage wise in my trading account if i am wrong because of the confluence of so many factors listed above. I'm also young and my account value is not particularly large relative to a professional trader. I can make the money back in a short period of time with my day job.
MACRO
-SPY at ATH and generally markets run up into elections, before experiencing their correction
-The bear case is that
BTC is not able to maintain MSB or above BMSB
Fetch breaks below relevant MAs and the support region it SHOULD have created by breaking above its reverse H&S pattern
I will attempt to conjure up a Trailing stop loss based on momentum indicators like the 21DMA or even longer frame ones depending on my risk/pain tolerance.
My entry and exit strategy really needs work but i will attempt to remove emotion from the exit portion of this trade. Entries still unkown ATP.
HARDSTOP at 1.335 under all MAs
I would have included More TImeframe views as well as the btc chart but i dont have a premium plan yet