We are in a long term bull-trend. Which means we will have a higher lows for a long period of time.
If this current low at $0.14 is the bottom we may consider it as a higher low compare to previous $0.13 level.
What price levels we should expect if we reverse upwards from here ?
– We may go as high as $0.5 which is 1.618 FIB level. This is also an upper diagonal of a long term pithfork channel.
– The whole move up might take up to 50 days. And if everything goes as expected it might be a 200% move upwards.
My trading algo:
Step 2. Confirmation.
We are about to get the buy setup
Buy Set up:
⦁ 6H Energy > 50
⦁ 12H Energy = 50
⦁ 1D energy > 30 or at least curved up
2.1 Calculate potential exit zones(+)
1. $0.28 – $0.31
2. $0.32 – $0.35
3. $0.41 – $0.50
2.2 Draw on the chart the time period you’re planning to be in the trade(+)
May 18th – June 18th
Steps to be done:
Step 3. Execute the trade
I’ve pointed a time period from May 17th till May 18th for my potential buy execution. I will execute the trade using 90M chart.
3.1 Increase your position on the way up
I’ll use 90M chart to buy more