PHAUSDT trade ideas
GET READY TO BUY SOME PHAIn the PHAUSDT chart we can see that things are really getting interesting. Right now, personally only few condition remain so that i can bag more PHA. What do we have? We have very interesting price action:
- Formation of a QM L
- Formation of a 3D . And the 3D price Approaching is something that i have being about a quite some time now. Whenever we see this 3D pattern, most of the time, price flies higher and higher
- Price is currently kissing (if you permit me the term) the Daily trend Line.
- Above all price is near the liquid Zone, because of a decision point .
Putting all of this together, we have a very great opportunity to put some PHA in our bags and at least send it to $1. Right now price is being indecisive, when we see more rejection to the upside or bullish pattern, then i personally am going to buy some PHA, expecting at least a 40% - 50% move in the short term.
N.B: This is not a financial advice. If possible, make sure to do your own research on this coin and see the potential. And also when taking a trade, making to make good use of a good money and risk management in order to still remain in the market in case things do not go as planned
🆓Phala Network (PHA) Nov-9 #PHA $PHAPHA has just had a strong rally from $0.7 to $0.9 zone and it corrected to $0.75, the selling has been reduced so PHA can rise again from this zone to $0.9, $1.2 and 1.4$. But if it loses this $0.75 zone, we might consider buying it back at $0.65
📈RED PLAN
♻️Condition : If 1-Day closes ABOVE 0.75$ zone
🔴Buy : 0.75
🔴Sell : 0.9 - 1.2 - 1.4
📉BLUE PLAN
♻️Condition : If 1-Day closes BELOW 0.75$ zone
🔵Sell : 0.75
🔵Buy : 0.65
❓Details
🚫Stoploss for Long : 10%
🚫Stoploss for Short : 5%
📈Red Arrow : Main Direction as RED PLAN
📉Blue Arrow : Back-Up Direction as BLUE PLAN
🟩Green zone : Support zone as BUY section
🟥Red zone : Resistance zone as SELL section
Phala is going to be massive...TA and Fundamental analysisDisclaimer
This technical analysis by no means, is a financial advice, Please do you own research.
Before I start I would like to say Fundamentally Phala is strong, the idea, team and also the fact they won a parachain in Kusama (Khala Network which is Phala's Canary Network). Hence, I am biased in favor of longing, but now let's jump into TA to find the major S/R levels.
Since 9th of Oct, Price is ranging between upper and middle line of downward parallel channel. Yesterday (6th of Nov) a hammer candle potentially can illustrate there is more demand for the current price after a rapid 3 days drop in price. If Price moves towards Volume profile POC with strong green candles, it can expected to break the volume and Fib extension Resistance level.
RSI+ and LMACD shows signs of weakness which it expected to rise and improve as price is on support level. If somehow price drops, the next major support is $0.62.
The next major resistance levels are $1 (both price action and mentally important), $1.1, $1.17 and ATH, $1.24. if it breaks ATH the next major Resistance is $1.47.
The scenario I am expect to see is price move up and down to form a flag between upper trend line of parallel trend and support level until the Phala network participate in one of the parachain to have a breakout roughly mid Nov.
Please comment if you would like to add anything or tell me your opinion about your analysis.