No intro. Part 3. Let's go.
InfluxCoin was kicking it off by a launch dump, kept bleeding and even was speeding up. This big temporary downspike also in this case indicated that something might happen. A nice pump followed.
After it dumped back down we found support, retested and formed potential double bottom. We soon broke that support and just dipped one leg below. bounce and retest of same support leading to the next spike.
The same pattern occurs here as I analyzed in Evergreen. We also reversed from the area between hardsupport and the 1st potential double bottom support.
Same here again, just not as nice support levels. But also downspike creating hardsupport and a reversal from a point just above that line. followed by the next spike.
That's the next spike included. After that bleed, pullback, more bleed. Quite choppy but more or less exactly what you would expect, so nothing special in here.
Zooming in on the reversal we yet again see a similar structure. We can observe 1st a soft bottom forming, a slight bounce followed by a temporary dip below support and then by a strong severe break of support. After that recovery and reversal from.. ok i have said this enough times already lol.. well .. reversal from area between previous support and, in this case, local hardsupport. The only difference in this scenario, is that the downspike happened after the soft support came in, making it a lot harder to spot it and react in time.
Skipped the ramp up to the major spike, it was sort of turning previous highs into support and actually behaved pretty normal. So after the crazy pump, downtrend, bleed, pullback, bleed, pullback bleed. Notice how the fall became softer and softer? Eventually it made a double bottom (not exactly, but sometimes they act the way it did here aswell, turning around just above)
I would have probably entered there if I would have seen it unfold at that time.
So after that it made a pretty solid breakout above the channel, but came back to retest the support. Perfect time to enter at this point. Nothing is better than a double soft bottom.
So that is the way it looks right now, we have started to ramp up, confirm the big trend reversal and most importantly here, parabolic support. I myself bought into it a few weeks ago and just sold it on the current spike. I am looking to reenter soon, and I have eyes on parabolic support level for that. Previous highs might make it bounce aswell, or even reverse, but the probability is too low for me to put buy orders in advance at those levels. The previous high we can however give significance is the earliest one.
So my buy limit probably goes on 10.002 sats. Parabolic support acting around that level, previous high aligning with it and also the major number 10k as a good bonus for support strength. All of those factors combined on one level, make me pretty confident in that call. There is a possibility, that if parabolic support holds true and the drop weakens in spead, we might not hit 10k at all, so keep monitoring it and don't get attached to the position. Be flexible :)
This was all for now again :)
Part 4 comming soon. Feedback welcome!
Love you all & happy trading <3
Again great read! Do you have recommendations on how many you follow like this?
you mean how many coins i trade? I trade all of them :) holding about 100 coins. but I am full time trader basically and have much more time to choose setups. It is important for me to differentiate the gems from the good coins. If you are only doing it at the side though, you can just go with the good setups and don't need to put in the hard work to get even slightly better setups.
Interesting, I'm learning. I'd like to learn more terminology though.
Last few days I've been watching RDD as a side gig to grow funds. First observance 104 sats. Second, 98 sats. Today 84 sats. This was before reading your gems here. So, looks like this is going to be first pump. Not very good entry. I think I can still make some profit, very little.
I can't wait to implement what I learned today.
Nice post thank for sharing
Thanks for sharing. I am looking fwd to read more articles from you and learn!