SoT 2.0 Chartoff May, Week 3
Updated
We’re looking at RLC this week.
RLC was one of the first coins to show a nice move up after Binance reopening and more alts recovering (recovery was not because of Binance reopening, just happened at about the same time).
In the move up today, RLC first stopped right on the daily level at 1047. After that, it retraced a little bit and then it tried to push for the daily downtrend and the daily level at 1130 but failed. I think it failed partially because BTC showed some strong signs at the same time.
On the 12th of May, RLC also started a move up which ended at the first daily level of 1047. After that, RLC retraced and the start of the uptrend before RLC had it’s first move today was the 830 level.
These moves up created an uptrend on which I’m looking to buy. Currently the uptrend is at the 845 level which is where I would take entry. I actually missed an opportunity to enter when I was still charting. If it does come down to the trendline again, I will update the price I bought at in the comments.
I’m putting a staploss at 825, which is slightly below the 4 hourly level that started today’s uptrend. If it breaks that, I’m looking for an exit.
My target would be at 1040, which is just a few sats below the daily level.
BTW: I only added the relevant levels at the moment so no monthlies in here.
RLC was one of the first coins to show a nice move up after Binance reopening and more alts recovering (recovery was not because of Binance reopening, just happened at about the same time).
In the move up today, RLC first stopped right on the daily level at 1047. After that, it retraced a little bit and then it tried to push for the daily downtrend and the daily level at 1130 but failed. I think it failed partially because BTC showed some strong signs at the same time.
On the 12th of May, RLC also started a move up which ended at the first daily level of 1047. After that, RLC retraced and the start of the uptrend before RLC had it’s first move today was the 830 level.
These moves up created an uptrend on which I’m looking to buy. Currently the uptrend is at the 845 level which is where I would take entry. I actually missed an opportunity to enter when I was still charting. If it does come down to the trendline again, I will update the price I bought at in the comments.
I’m putting a staploss at 825, which is slightly below the 4 hourly level that started today’s uptrend. If it breaks that, I’m looking for an exit.
My target would be at 1040, which is just a few sats below the daily level.
BTW: I only added the relevant levels at the moment so no monthlies in here.
Trade active
RLC hit its trend and we got in at 851Note
We could have taken entry a little bit lower since he trendline actually changed. I was not at my computer at the time of hitting my alert so I couldn’t show the new trendline but this is what it looks like on mobile:Entry on that trendline would have been 847
Note
Saw RLC failing, together with BTC, but at work so couldn’t update here. If I would had more time, I could have updated this to get out and re-enter on the trendlineTrade closed: stop reached
Got stopped out after BTC dropped big time and dragged alts with it
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