Long
Pot - called too soon
Updated
Hey there, Meandering Mike here with an alt trade.
I won't waste time with the fundamentals on this one, although Pot has had some endorsed tweets from Charlie Sheen recently which is of course positive exposure, I think the technicals are the main focus on this trade.
Timing, one of the hardest things in my mind when it comes to predicting the high gain trades, chipping the odd 10% or so here and there is easy enough, but that's not what we are interested in here. As such it is very easy to get too wrapped up in fundamentals such as it being 4/20, so logically all the Weed related coins must fly. Indeed clearly enough people thought this to give Pot a little pump, but it wasn't ready and fell at the 4th hurdle.
Now however things are looking a bit different, as we are seeing across the market, coins are finding their feet and testing resistance. Pot has done this and landed on strong support to make a firm higher low and is about ready to go the distance.
Now i've mentiond above timing is b*tch and i stand by this, as such you can see above i've marked where I think we will move up in a big movement, that being said, we are sat on excellent support and the right influx of volume could set us off anytime over the next couple of weeks possibly a few days before or after where I have marked.
You can see on the daily chart that we are oversold and our RSI is showing some return to a bullish momentum, however our MACD is telling me that we aren't quite ready just now, but soon, the weekly chart also looks great with tons of room for growth. I have been keeping a close eye on this coin over the past week and the signs of accumulation are all there seeing some significant buy orders toying with the price.
In terms of targets I am personally seeing us comfortaby hit the 0.000033 area, we could then bounce off support and go a lot higher, although at this stage this will all depend on momentum and volume so I would not be comfortable predicting further gains at this time until that strong resistance is broken.
Interestingly a lot of charts are gearing up for big action in May so expect it to be an exciting month!
Throw me a thumbs up if this has been helpful and thanks for reading
I won't waste time with the fundamentals on this one, although Pot has had some endorsed tweets from Charlie Sheen recently which is of course positive exposure, I think the technicals are the main focus on this trade.
Timing, one of the hardest things in my mind when it comes to predicting the high gain trades, chipping the odd 10% or so here and there is easy enough, but that's not what we are interested in here. As such it is very easy to get too wrapped up in fundamentals such as it being 4/20, so logically all the Weed related coins must fly. Indeed clearly enough people thought this to give Pot a little pump, but it wasn't ready and fell at the 4th hurdle.
Now however things are looking a bit different, as we are seeing across the market, coins are finding their feet and testing resistance. Pot has done this and landed on strong support to make a firm higher low and is about ready to go the distance.
Now i've mentiond above timing is b*tch and i stand by this, as such you can see above i've marked where I think we will move up in a big movement, that being said, we are sat on excellent support and the right influx of volume could set us off anytime over the next couple of weeks possibly a few days before or after where I have marked.
You can see on the daily chart that we are oversold and our RSI is showing some return to a bullish momentum, however our MACD is telling me that we aren't quite ready just now, but soon, the weekly chart also looks great with tons of room for growth. I have been keeping a close eye on this coin over the past week and the signs of accumulation are all there seeing some significant buy orders toying with the price.
In terms of targets I am personally seeing us comfortaby hit the 0.000033 area, we could then bounce off support and go a lot higher, although at this stage this will all depend on momentum and volume so I would not be comfortable predicting further gains at this time until that strong resistance is broken.
Interestingly a lot of charts are gearing up for big action in May so expect it to be an exciting month!
Throw me a thumbs up if this has been helpful and thanks for reading
Trade active
We are looking for some strong action in the coming weekAs always a shakeout drop is possible so don't get too spooked by this, Pot wants to go and it's time will come soon in my opinion
We are currently flirting with our support but I certainly do not expect a daily close below this, let Bitcoin do it's thing and soon afterwards we will be looking good
Note
Hello there,So firstly apologies to anyone following that I haven't been keeping up to date on this, has been a busy week but now I am back and ready to take a better overview of these trades
So then, POT! We are looking in a good position and I wanted to start by posting a side by side of some very striking similarities to show the potential of where we currently are, it may seem that we have been underperforming the market but I believe this is going to change soon; please also note the slightly adjusted targets in line with monthly fib levels.
You can see between the vertical lines where this can take us. I want to be clear that I am not a fan of expecting the same results, in my view that often the case in trading when you see the old quote “The definition of insanity is doing the same thing over and over again, but expecting different results” (also, it's not an Einstein quote) is that it's not strictly true, but it is interesting still to show the potential.
So looking at the daily we have a nice flat RSI, our Stochastic RSI is oversold to hell and back and our MACD has levelled out very nicely, in short we are set up perfectly for a rally and it will only take a modest injection of volume to get that ball rolling.
Longer timeframe wise we are neutral to slightly bearish but that is just fine for where we are at the moment at this early stage, so all in all I do not believe we will be waiting much longer.
Thanks for reading!
Note
We struggled with resistance but at this moment it’s nothing to be too concerned about, that being said I would very much like to see us hold above the 0.00001330 area to avoid invalidation of the uptrendNote
Sadly Bitcoin sniped us on our last attempt, but Pot is now gearing up for another run at our key resistanceOur updated key points to watch below;
Patience is the name of the game
Note
Ah pot, the new stable coinThe whole alt market has taken longer than many including myself thought to kick into gear but it is coming
While we wait though if you ever want to see what textbook accumulation looks like just take a look at the candlesticks on Pot
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