ONE → OneCoin Weak at Resistance! Do we Fall or Break Through?OneCoin is struggling to continue upward at the Resistance Zone, hinting that the price wants to fall back to the EMA ribbons. Is this an opportunity to short? Or should we look for a long?
How do we trade this? 🤔
The last three candles have been relatively weak bull bars, especially the last one which ended as a doji (a one-bar trading range). The current Daily candle just started a couple of hours ago but has not yet shown any signs of strength. With the crypto market being bullish, we should be looking for a long entry.
We need to find the next strong support level to get a positive Risk/Reward Ratio, which appears to be around the 30EMA or 200EMA. A good strong bull signal bar followed by a confirmation bar closing on or near its high gives us enough probability of profit to take a long. Once these bars close, a long entry in the $0.01430 area with a protective stop below the 30EMA or trend support is reasonable. Set a take profit at 1:2 Risk/Reward around the $0.01550 area. It's also reasonable to take half profits at 1:1 and swing the rest until you see a sell signal, but be aware, we don't have much room up until the Resistance Zone.
Until then, let's see how the price action plays out. FOMO (Fear of Missing Out) is your worst enemy. This is where you enter the market prematurely, worried that you'll miss potential profits but instead, you end up in a bad trade. I find combating FOMO is best conceptualized as "You're making more money by not falling for the seduction of market profit."
💡 Trade Idea 💡
Long Entry: $0.01430
🟥 Stop Loss: $0.01370
✅ Take Profit: $0.01550
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bull Macro Trend since October. Bias to Long!
2. Pin-Top Candles near Resistance Zone.
3. Still Above EMA Ribbons, Watch for Support.
4. Look for Long Entry at Daily 30EMA.
5. RSI at 64.00, above Moving Average. Wait for RSI to come down.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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