Hello traders!
Going back to this account for the time being because of some downvotes that caused the @cryptochartart one to get minus reputation and thus it doesnt have the ability to post pictures, don't remember that being like that, but well, gta adat!
Hoping to fix that, in the meantime, I'm just gonna continue here!
Switching back to the important thing, today's chart!
Today a short to mid term setup on $GO!
3 targets, with up to potential ~140% profits!
Link to $GO:
https://coinmarketcap.com/currencies/gochain/
https://gochain.io/
https://explorer.gochain.io/home
https://www.tradingview.com/x/D0cDda0p/
Looking at the daily chart here.
Gonna start from bottom to the top.
The first marked line is the dotted red one at 85 satoshi, by looking left one can see how this level was used as support in the past 5 times before.
In case of a further pullback this is where I would look into adding to the position, or depending on one's prefferences, even wait for an entry there.
The next marked line is the 0.236 fibline at 00 satoshi, marked this one to show how the price pulled back down to it is providing support after the 200% runup.
Next up is the first target of the setup, at 133 satoshi, this is a historical resisance which sits almost perfectly ontop of the 0.5 fibline which make this one, althou for only ~20% potential profits, a very attractive one.
The fourth line marked in this chart is at ~169 satoshi, once again, if you look to the left it is clear that its is a historical resistance and once again just a satoshi away from a fibline, this time the 0.786 one, nedless to say, all this makes it attractive as a target, which could result in ~50% profits.
Comming to the final target, today we once again have an area rather then a finetuned line.
The area is quite big considering the low levels of the chart, stretching from ~240 to ~280 satoshi (arguably even higher) it makes up almost 50% of the current price, but you can see there were multiple price point used within that area both as support (back in May-Jun 19') as well as resistance (once again May-June 19' and more recent, Dec-Feb 20').
Near the top of the area resides the 1.618 fibline at 273 satoshi, making the upper level of that area somewhat more appealing.
Suggestion if following the setup, would be to spread out some sells within that area.
Hope you can use today's setup for your advantage!
Wishing everyone profitable trading and good luck in the markets!
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This post is NOT financial advice or any kind of recommendation, nor is CryptoChartArt/ozchartart licensed to give one!
It is a personal opinion and view on the chart!
Intended for entertainment purposes only!
Regards, OZ