REEF/USDT Downtrend breakout. How high can we go from here?
Intro:
- Reef Finance tries to become one of the most used blockchains for DeFi.
It's fast, scalable and has a low transaction costs.
Reef Finance is build with Polkadot Substrate and comes with on-chain governance.
- SEC confirmed that crypto will not be banned which is positive for the whole crypto market.
- DeFi projects appreciated a lot of attention during the first quarter of 2021 and probably will again during Q4.
Daily chart:
- Price shows a breakout above the purple resistance line. The 0.02$ support has been reclaimed and we now head upwards to the next resistance lines.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows that we are very close to a breakout above the yellow and orange line. On the RSI side we did not get a confirmation for a trend reversal.
- Support lines are at 0.02$, 0.0165$ and 0.0135$. The ascending yellow line can act as support as well.
- Resistance lines are at 0.025$, 0.03$ and 0.05$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last three resistance lines before price discovery .
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- DeFi will get more attention during Q4 again and not only for Tax reasons.
- We expect some consolidation around 0.025$ before we get through and a struggle around 0.05$.
- End of the year prediction: We will see a 0.3$+ REEF before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
- Reef Finance tries to become one of the most used blockchains for DeFi.
It's fast, scalable and has a low transaction costs.
Reef Finance is build with Polkadot Substrate and comes with on-chain governance.
- SEC confirmed that crypto will not be banned which is positive for the whole crypto market.
- DeFi projects appreciated a lot of attention during the first quarter of 2021 and probably will again during Q4.
Daily chart:
- Price shows a breakout above the purple resistance line. The 0.02$ support has been reclaimed and we now head upwards to the next resistance lines.
- Volume is on a steady decline since Mai and rather low for a breakout. This means currently there is not much resistance from sellers.
- RSI analysis shows that we are very close to a breakout above the yellow and orange line. On the RSI side we did not get a confirmation for a trend reversal.
- Support lines are at 0.02$, 0.0165$ and 0.0135$. The ascending yellow line can act as support as well.
- Resistance lines are at 0.025$, 0.03$ and 0.05$.
Expectation:
- We expect a further price appreciation during the next three months and a solid recovery into October. So far we did see a great start and are looking forward to smash the last three resistance lines before price discovery .
- Looking forwards into October where we might see an ETF approval for Bitcoin . This would be in favor for the whole market.
- DeFi will get more attention during Q4 again and not only for Tax reasons.
- We expect some consolidation around 0.025$ before we get through and a struggle around 0.05$.
- End of the year prediction: We will see a 0.3$+ REEF before the end of 2021.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Specials:
- Boxes represent either entry zone or support zone . Check the description.
- Cameras represent MA crossings. Yellow camera stands for a golden cross while the cyan camera stands for a death cross.
Related publications
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.