Crypto_Ed

$ADX bounce or break back to accumulation

BITTREX:ADXBTC   AdEx / Bitcoin
Getting many request on Twitter for this pair, so lets give it a go.
I dont have any idea about fundamentals for this coin or any news/developments coming out soon...I just did my technical analysis .
After a strong upmove, its sitting around Fibo 68,1% support.
2 scenarios:
1) it breaks the red trendline for another big push up, over previous top
2) it breaks the fibo support and falls back in the old accumulation zone which is also a target area for my Fibonacci extension calculations.

Personally, I have a feeling that it might break out to the upside. Maybe some news coming soon which supports a possible pump.

Tradingadvice: buy after the breakout of the red line or if it breaks fibo, let if fall back to the blue box
評論: Breaking out!

評論: Broke out and did a classic retest of trendline, now looking upwards.
Let's go!

評論: Looking healthy....
Frist target area is around 40k but my aim is 65-70k this week ;-)

評論: After a nice upmove, price suffered from BTC rally.
It dumped into the blue box and even a bit below.
Nothing to worrie for now. I think it won't dump mucht further and hopefully it makes a good bounce into a new uptrend.
評論: Update: I was wrong, it dumped more as expected and formed a new pattern.
Breaking the yellow trendline downwards will be a fall back into accumulation zone but looking at the indicators, I'm thinking it could make a new attempt up from out of this area.
Watch for a breakout to the upside before jumping in and dont forget the risk of a further fall. If you dont use a stoploss it might take weeks/months before price is back on your entry position. Selling wiht a loss is not a shame, its moneymanegement.

評論: correction: breaking the yellow trendline was mistake, I mean the blue trendline
評論: For days already in a bullflag, just waiting for it to fly

評論

Stop loss triggered, I had big hopes in this one. You and Excavo shared the same view, so it would be a gold mine haha. The breakout was rumors related and the news didn't deliver. Thanks for your ideas.
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TA no longer valid probably?
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SmokingCrop SmokingCrop
Oh, they just released some new partnership news:
https://medium.com/the-adex-blog/adex-teams-up-with-snip-38c1ca7cead4
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I have read your target of 70K. In what timeframe do you see this happening ?
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@AltG, can't tell you right now....my crystal ball is broken.
70k is possible target, not sure
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An ADEX developer tweeted that they will announce another partnership this week. So fundamentals backed with this analysis looks good. I saw your chart right before the breakout, I hope it holds.
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@AltG, ah, thanks for the info....didnt know that
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@AltG, can you link to the tweet?
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AltG LeHoang123
@LeHoang123, It was not on twitter excuse me. It was in the telegram channel
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Broke trendline! Thanks for the analysis.
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