Long
SoT 2.0 Chartoff May, Week 1
Updated
AMB has been laddering up nicely recently.
It had been struggling to break the 771 resistance level yesterday but managed to break it recently.
We recently broke 2 downtrends and have one local downtrend remaining that we are in the process of testing.
AMB was trying to breakout a couple of times in the last few days but was held back because of BTC.
Now that BTC is settling down, AMB looks ready to make a move.
The first real test would be the 839 level, which is a 4 hourly.
We have not tested this level yet so I don't expect this to break immediately, unless we have some insane volume coming in.
We have an uptrend crossing a downtrend 1 or 2 hours after posting this.
Perfect entry would be to try and get in at 778.
Stoploss at 757 would mean this would be on the price of an uptrend and downtrend crossing again.
If we lose that, we could see a further drop.
Target would be 880 as this is a monthly level where I expect some resistance and possibly a retrace.
It had been struggling to break the 771 resistance level yesterday but managed to break it recently.
We recently broke 2 downtrends and have one local downtrend remaining that we are in the process of testing.
AMB was trying to breakout a couple of times in the last few days but was held back because of BTC.
Now that BTC is settling down, AMB looks ready to make a move.
The first real test would be the 839 level, which is a 4 hourly.
We have not tested this level yet so I don't expect this to break immediately, unless we have some insane volume coming in.
We have an uptrend crossing a downtrend 1 or 2 hours after posting this.
Perfect entry would be to try and get in at 778.
Stoploss at 757 would mean this would be on the price of an uptrend and downtrend crossing again.
If we lose that, we could see a further drop.
Target would be 880 as this is a monthly level where I expect some resistance and possibly a retrace.
Trade active
Our entry target got it so we are in the trade!Note
I forgot to add that I am expecting some support on the 771 level as wellNote
We got very close to our stoploss but we are still in the trade, as the lowest price since we took entry was 759.BTC is moving again since we entered so all of the alts are patiently waiting to see what happens to BTC. This is why we see barely any price moving in AMB at the moment
Trade closed: stop reached
Unfortunately our stoploss got it so we are no longer in the trade
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