COTI has been in a bullish channel for a while now. Currently, RSI is at the lows and COTI is finding support around the $0.36 level. Hoping for a bullish reversal after bouncing off the bottom of the channel to around the $0.41 range. Buying pressure is increasing for COTI, and selling pressure is low, making it ideal for a reversal.
That said, it's still in highly risky territory right now since breaking the $0.36 support level will result in a plunge, so do wait for signs of the reversal and confirmation of support a few more times before entering the trade. The market in general now is correcting, so we will see how the market performs as well before buying in.
That said, it's still in highly risky territory right now since breaking the $0.36 support level will result in a plunge, so do wait for signs of the reversal and confirmation of support a few more times before entering the trade. The market in general now is correcting, so we will see how the market performs as well before buying in.
Note
COTI is also in a symmetric wedge pattern now, for less risk, wait for breakout at around 0.45 level.Note
For more risk, you can trade COTI by buying in around $0.37 - $0.4 levels, and sell at around $0.448, where COTI has a resistance against a descending wedge pattern for around a 10% gain. Or you could just wait for the breakout of the descending wedge, which may take a few more days.Note
COTI broke out from the downside of the bullish channel if drawn to the $0.36 level. Too risky to trade now, will need to wait for a clearer price action signal. Recommended to sell at around $0.44 if possible or set a stop loss to wait for a clearer signal.Note
It appears that COTI is in a symmetric wedge pattern. Expecting it to head back down to $0.37, hopefully bounce off the bottom of the wedge, and back up to the $0.47-$0.49 level. COTI may not break out of the wedge yet, though, so you might consider taking profits at the top of the wedge and waiting for a more concrete breakout.Trade closed manually
Have taken profit on COTI for now at the $0.45 levels.
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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.