0x Long setup
Updated
0x is currently one of a few coins in a clear uptrend. As you can see on the 4h timeframe, it is set on a perfect support of uptrend line. It is definitely a nice opportunity to long from here. Stochastic is oversold on several timeframes - 15m, 30m, 4h and most important - daily too.
We have a bullish divergence on stochastic and RSI on 4h as well. The setup is really nice - on a technical basis. However - I am keeping the position small, because there is something risky here - the uptrend line isn´t created naturally, but because of Coinbase listing news. If you consider this - no matter how "oversold" it is on stochastic, it is still overbought sentimentally. Watch out than.
I would use two stops - one really, really tight on 0.755 USD (like 1.60% risk) and the second one wider. Maybe 0.688, that´s up to you.
The first target is 0.89 USD. That´s a place for some profit taking and placing a stop to profit. If we go higher, just watch and enjoy.
We have a bullish divergence on stochastic and RSI on 4h as well. The setup is really nice - on a technical basis. However - I am keeping the position small, because there is something risky here - the uptrend line isn´t created naturally, but because of Coinbase listing news. If you consider this - no matter how "oversold" it is on stochastic, it is still overbought sentimentally. Watch out than.
I would use two stops - one really, really tight on 0.755 USD (like 1.60% risk) and the second one wider. Maybe 0.688, that´s up to you.
The first target is 0.89 USD. That´s a place for some profit taking and placing a stop to profit. If we go higher, just watch and enjoy.
Note
The market went almost for the SL, but afterward, we got a really nice bounce in the evening. I can´t really say I can see a lot of strength in it now, but we should be safe as long as the market holds above the trendline.
Note
Going by the plan so far.Think about taking partial profits. If you take them or not is up to you, but SL should surely be on entry now.
Enjoy the rest as a free ride!
Note
So taking partial profits turned out to be good idea. I am not gonna take the SL, but re-enter the closed part here with the same SL as in the beginning. There is nothing to lose, as I took some profits already.
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