PHAUSDT trade ideas
$PHA WILL GO UPnote that:
-the great green candle resulting from the big volume column gave us a buying zone(green hatched zone).
now we are on the support line and retest it so many times, so i think it is an accumulation zone.
-the volume is great .
-there is a bullish divergence with RSI
-ascending MACD
all this means we are going up
hold on
GET READY TO BUY SOME PHAIn the PHAUSDT chart we can see that things are really getting interesting. Right now, personally only few condition remain so that i can bag more PHA. What do we have? We have very interesting price action:
- Formation of a QM L
- Formation of a 3D . And the 3D price Approaching is something that i have being about a quite some time now. Whenever we see this 3D pattern, most of the time, price flies higher and higher
- Price is currently kissing (if you permit me the term) the Daily trend Line.
- Above all price is near the liquid Zone, because of a decision point .
Putting all of this together, we have a very great opportunity to put some PHA in our bags and at least send it to $1. Right now price is being indecisive, when we see more rejection to the upside or bullish pattern, then i personally am going to buy some PHA, expecting at least a 40% - 50% move in the short term.
N.B: This is not a financial advice. If possible, make sure to do your own research on this coin and see the potential. And also when taking a trade, making to make good use of a good money and risk management in order to still remain in the market in case things do not go as planned
🆓Phala Network (PHA) Nov-9 #PHA $PHAPHA has just had a strong rally from $0.7 to $0.9 zone and it corrected to $0.75, the selling has been reduced so PHA can rise again from this zone to $0.9, $1.2 and 1.4$. But if it loses this $0.75 zone, we might consider buying it back at $0.65
📈RED PLAN
♻️Condition : If 1-Day closes ABOVE 0.75$ zone
🔴Buy : 0.75
🔴Sell : 0.9 - 1.2 - 1.4
📉BLUE PLAN
♻️Condition : If 1-Day closes BELOW 0.75$ zone
🔵Sell : 0.75
🔵Buy : 0.65
❓Details
🚫Stoploss for Long : 10%
🚫Stoploss for Short : 5%
📈Red Arrow : Main Direction as RED PLAN
📉Blue Arrow : Back-Up Direction as BLUE PLAN
🟩Green zone : Support zone as BUY section
🟥Red zone : Resistance zone as SELL section
Phala is going to be massive...TA and Fundamental analysisDisclaimer
This technical analysis by no means, is a financial advice, Please do you own research.
Before I start I would like to say Fundamentally Phala is strong, the idea, team and also the fact they won a parachain in Kusama (Khala Network which is Phala's Canary Network). Hence, I am biased in favor of longing, but now let's jump into TA to find the major S/R levels.
Since 9th of Oct, Price is ranging between upper and middle line of downward parallel channel. Yesterday (6th of Nov) a hammer candle potentially can illustrate there is more demand for the current price after a rapid 3 days drop in price. If Price moves towards Volume profile POC with strong green candles, it can expected to break the volume and Fib extension Resistance level.
RSI+ and LMACD shows signs of weakness which it expected to rise and improve as price is on support level. If somehow price drops, the next major support is $0.62.
The next major resistance levels are $1 (both price action and mentally important), $1.1, $1.17 and ATH, $1.24. if it breaks ATH the next major Resistance is $1.47.
The scenario I am expect to see is price move up and down to form a flag between upper trend line of parallel trend and support level until the Phala network participate in one of the parachain to have a breakout roughly mid Nov.
Please comment if you would like to add anything or tell me your opinion about your analysis.