BAND/BTC - BULLISH ACCUMULATION
Hey guys!
Altcoin season is in full swing and currently we see patterns braking out everywhere, especially in the large and mid cap alts. As the altcoin season continues and money moves from BTC --> Large Caps --> Mid Caps --> Low Caps --> BTC, you want to start taking looks into low caps that are about to form promising patterns. BAND is one of them.
Pro:
Looking at the macro trend, we can see that BAND/BTC is currently sitting in a nice reload zone around the 0,786 Fib.
It's forming higher lows for 5 months now and shows a clear resistance around 41.000 Sats, which forms an ascending triangle pattern.
Contra
This can also be viewed as a bearish pennant with more downside potential. But since its alt season and the money flow will reach the low caps soon, I lean more towards the bullish side.
The wicks concern me a little. That makes it hard to set proper Stop-Losses.
Entry Points
One option is to wait until price action hits the resistance line again at 41.000 Sats. This gives the pattern more validation and you can wait for an entry around the retracement at number 2. Here I would set a buy order at around 31.500 - 30.000 sats which equals the price level between the the 0.50 and 0.618 Fib.
Another option is to wait until the brake out and retest of the resitance line around 41.000 Sats.
Exit Points
In the bullish case I would look for profit taking around 100.000 sats which is around the 0.618 Fib measured from point A-B. Depending on your entry point this can be a 150% - 240% move to the upside, with a minimum risk reward ratio of 3:1.
In a bearish case I would see if it brakes the upwards sloping support line. My last exit point would be around 20.000 which would establish a new lower low and invalidates the pattern.
Enjoy!
Altcoin season is in full swing and currently we see patterns braking out everywhere, especially in the large and mid cap alts. As the altcoin season continues and money moves from BTC --> Large Caps --> Mid Caps --> Low Caps --> BTC, you want to start taking looks into low caps that are about to form promising patterns. BAND is one of them.
Pro:
Looking at the macro trend, we can see that BAND/BTC is currently sitting in a nice reload zone around the 0,786 Fib.
It's forming higher lows for 5 months now and shows a clear resistance around 41.000 Sats, which forms an ascending triangle pattern.
Contra
This can also be viewed as a bearish pennant with more downside potential. But since its alt season and the money flow will reach the low caps soon, I lean more towards the bullish side.
The wicks concern me a little. That makes it hard to set proper Stop-Losses.
Entry Points
One option is to wait until price action hits the resistance line again at 41.000 Sats. This gives the pattern more validation and you can wait for an entry around the retracement at number 2. Here I would set a buy order at around 31.500 - 30.000 sats which equals the price level between the the 0.50 and 0.618 Fib.
Another option is to wait until the brake out and retest of the resitance line around 41.000 Sats.
Exit Points
In the bullish case I would look for profit taking around 100.000 sats which is around the 0.618 Fib measured from point A-B. Depending on your entry point this can be a 150% - 240% move to the upside, with a minimum risk reward ratio of 3:1.
In a bearish case I would see if it brakes the upwards sloping support line. My last exit point would be around 20.000 which would establish a new lower low and invalidates the pattern.
Enjoy!
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