Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
Oh where oh where is Lumens going? So much news coming from the Lumens team. Recently, Lumens calls Tron a scam (basically) and doing whatever they can to prop up the price at this CRITICAL LEVEL.
Speaking of Critical Level… does this bounce, bounce, bounce look familiar? Because if you’ve been in this market for a while, the bounce should be very familiar. did it at $6000 all year long. Then… it broke. The moon boys were getting demolished and, well, it was sad to watch the destruction ensue. Let’s try and get ahead of this one. As always, risk management is key and know when you’re wrong. Here’s my basis for this trade:
1. Break down below 2875/2900 for about 2 weeks then a heavy rebound.
2. 4 times a reattempt was made to break 2900. Eventually, probability has historically shown, this will break and become resistance.
If we break 2900 with confidence… where are we heading? We look for confluence. Most important levels I can see here are around the 1750 level but quite honestly, there’s a devastating 500 satoshi level that would be absolute worst case scenario.
Let me qualify this a bit. I am in this market. Heavily . This does not mean that 500 will hit. In fact, it’s unlikely, even though there’s confluence at that level. I see 1750-2000 being much more likely.
There is a chance this trade will be wrong. I am not saying to short . I am simply saying to set a stop loss around 2875 if you are in it.It’s on shaky ground right now and there’s a good chance it will fall through this support (highlighted in magenta) and will stick around there for a while.
I threw the there mostly to prove to you where the most agreed price lies. 468 satoshis. I do see the support at 1700 on the provile though. The fact that flew through 1700-2500 last December tells me there will be a magnet to try and fill that trading zone a bit.
Published at Wed, 02 Jan 2019 04:21:19 +0000
