Daily Trade - MEME, Bittrex and on TA Analysis, profit and wishful thinking.
Yesterday I posted a TA about a possible MEME (Memetic) coin breakout.
Just a few moments later, market turned in the other direction and there went my analysis down the drain.
This is part of the game. No single trader or analyst is right every single time. I don't have to say that right?
Well, the present analysis is a redemption on the last one. It seems that MEME finally slowed the down trend run, found support and has 3 indicators favorable for an up trend run. Will we see the entirety of the potential up trend run? Difficult to say but lets recap:
- a 13 hour down trend slowed down on its last 5 hours and found support at 61.8% of fibonacci retracement
- a fat green candle pushing the price up and waking the bulls, the frightened traders sell immediately preventing the price to go up
- before the MACD crossed the signal line upwards, we already saw the next big green candle pushing the prices up
- RSI at 52 has enough room for a big run up.
- we have a possible resistance point at 7400 sats (around 12% up from the time of this post)
-EMA and MA are at the crossing point were EMA 10 will cross above the other 2 on the next couple of hours.
I have drawn a few possible up trend lines to have an idea of possible duration of the bullish run. Also, on the wishful thinking department I included a fractal shadow of the indicated previous bull run, just for entertainment purposes, technically believing in it is the same as betting in coincidences.
So what do I think? I have my money in it. I want MEME to break the 8400 ceiling. That's also wishful thinking but with a tad of educated guesses based on fancy tools and wordy explanations.
/* This is not financial advice. Invest and trade at your own risk. NOBODY is right all the time. They only have to be right a few times and have a great strategy and risk management to make money. Be careful, invest at your own risk. */
Crypto Day Traders Club
is a Facebook group I created for likeminded individuals who are serious about day and swing trades. Not a place for people looking for easy ways to make money. There people work hard to make their buck, good bucks. We share trading insights, techniques, opportunities. Fundamental and Technical analysis ideas and facts. Always backed up by accordingly explanation, no posts or comments that don't add value to the subjects discussed.
