Hello again my friends!! Hope you having an awesome time here.
For this segment, let us discuss the current breakout of Ambrosus or AMB against Bitcoin.
I would like to discuss this crypto because it just made a fresh and successfuly breakout from a strong resistance since February 2020.
Whenever it goes to the 300 satoshi price area, it gets rejected immediately but in this case right now it successfully broke through it.
The structure of the higher lows is also a really good indication that more and more bulls and buyers are pushing the price upwards.
It is also nice to see that the moving averages are alerady pointing upwards and flipping to each other already.
The preferrable scenario would be all the shorter moving averages will be above the 200 moving average.
That would really indicate a strong start of an upward movement again.
We could also see a potential profit of upto 50% here if all things go according to plan.
The scenario that we dont want to happen is for the price to go back and close below 260 satoshi.
That would implicate that there is another fade out and too much selling pressure can't push this through like what happened in the end of July where it tried to push upward twice.
As always, we should have a good plan when participating in the market.
And always have a proper risk management to preserve our capital and not blow up instantly by doing reckless things.
What do you guys think? Will AMB hold this breakout and continue upto 500 Satoshi? Comment your thoughts below.
If you want some chart requests or want me to analyze some crypto or asset, just comment below and I will post it next.
Thanks!😃
Till next time guys and gals,
Cheers!! 😃
Disclaimer: This is not a financial advice and for educational purpose only.