Long

Updated

Bounce Token (AUCTION) to $40

On the above 5-day chart price action has corrected over 90% since November 2021. A number of reasons now exist to consider a long position, including:

1) Price action and RSI resistance breakouts.

2) Price action backtests past resistance as support.

3) Point (2) occurs on the 0.236 Fibonacci level.

4) Price action is now on a year long support.

5) Point (4) also tests the ‘bottoming candle’ - excellent.

Is it possible price action falls further? Sure.
Is it probable? No

Type: Trade
Risk: <=6%
Timeframe: Act now
Return: 1000%

Trade active

This one might target the target sooner than others, not 30 days ago traders were buying @ 17 dollars (what were they thinking??), therefore there is little sell pressure above current levels.

Note

Support confirmed, over a 15 day period.

No matter the asset it is always fascinating to watch sellers sell into past resistance where support is confirmed. Tells you so much about the mindset of the participants.

Trade active

Wait for 40 dollars

Note

** GRM support confirmed **

Note

Don't you just love GRM confirmation? I do.

Note

He's going vertical, so am I. We're going ballistic, go get em..

80% in 30 days..

Note

Correction, 100%. So much win!

Trade active

Note

test past resistance as support

Note

support confirmed with hidden bullish divergence and GRM support

Note

In answer to a questioned ask, next resistance is around 8.50

Note

resistance breakout.

Note

A few questions asking "What do you mean resistance breakout?"

See the blue circle? This was the first time price action did two things:

1) Broke out of resistance AND
2) Confirmed past resistance as support.

In trading, support and resistance the 2nd most important thing in chart analysis. (The first being identifying the trend).

In the daily chart below you also measure the near term target following the breakout thanks to the previous resistance breakout. It is that simple.

To those that asked the question, try to measure out support and resistance as shown below on things you hold. Would you act differently?

1-day

Note

resistance fails, sellers exhausted

Trade active

Note

Price action up 50% since last update.

Resistance is broken. Expect a backtest some point in the future to confirm support.

Trade active

Continues to take the stairs up as the market takes the elevator down.

Note

Don't tell me the sky is the limit when there's footprints on the moon.

Note

230%

Note

540%.
Almost at target.

Trade closed: target reached

10x, 1000% in only 4 months.

Would you like another? Well... it is already published. Curiously it also begins with the letter A.

P's, it is on the 2-day GRM list. Will update shortly.

6-day

Note

Wave 3 underway

4 day

Note

Price action needs to close on or above $20 before the week is out to maintain the flag, otherwise the downtrend resumes.

This trade was far more interesting (red circles) on the long and short entries. There are plenty more opportunities like that in the market right now as Auction was in September 2023.

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on: