Long
NEM XEM - Squeeze Breakout Pending!
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Oh boy where do I start here. This chart looks so good I don't know what to do with myself. Here are the key points from the chart:
1. Volume based resistance levels. Based on volume patterns, especially around November 12th, we see major resistance has formed here. This was proven when we fell through in early 2019 and failed breaking that resistance level. I expect a retest of that level.
2. A "double pump" could indicate (note I said could) a 1-2 1-2 pattern indicating a major impulse is possible. This would need a major breakout to complete the 3 wave but if the 3 wave extends more than 100% of the first wave, we're increasing our probability of a 5th impulsive wave to get us to 1629.
3. We're in a squeeze on the daily chart. This is important. This means we've basically gone sideways with little volatility. Typically there's a breakout of a squeeze then another squeeze gets entered and it breaks out in the opposite direction. We haven't broken out of the squeeze apttern but momentum is heading in the positive direction.
Now, we've got some room to work here. You could enter at 1095 but look for a tight stop loss. I've got my stop at 997 but you may want to use 1050 as a stop if you want to risk less capital.
Also, Brev, don't go all in.
Trade safely friends!
<3 -CE-
Oh boy where do I start here. This chart looks so good I don't know what to do with myself. Here are the key points from the chart:
1. Volume based resistance levels. Based on volume patterns, especially around November 12th, we see major resistance has formed here. This was proven when we fell through in early 2019 and failed breaking that resistance level. I expect a retest of that level.
2. A "double pump" could indicate (note I said could) a 1-2 1-2 pattern indicating a major impulse is possible. This would need a major breakout to complete the 3 wave but if the 3 wave extends more than 100% of the first wave, we're increasing our probability of a 5th impulsive wave to get us to 1629.
3. We're in a squeeze on the daily chart. This is important. This means we've basically gone sideways with little volatility. Typically there's a breakout of a squeeze then another squeeze gets entered and it breaks out in the opposite direction. We haven't broken out of the squeeze apttern but momentum is heading in the positive direction.
Now, we've got some room to work here. You could enter at 1095 but look for a tight stop loss. I've got my stop at 997 but you may want to use 1050 as a stop if you want to risk less capital.
Also, Brev, don't go all in.
Trade safely friends!
<3 -CE-
CE - BitDoctor
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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.
CE - BitDoctor
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
Access our private indicators and join our Premium Room: bitdoctor.org
Beware of scams - I'll never DM you asking for funds.
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.