How are you doing today? I am hoping you are having an amazing weekend... Now, let's take a look at this chart.
Here we have Holo (HOTBTC) and two beautiful descending triangles.
Notice how the first triangle on the left created a flat bottom from which it produced a violent and highly profitable breakout to the upside... We are seeing a similar pattern develop now.
Before the bullish breakout of the first triangle, we can notice bullish divergence showing up on the MACD. This same signal is now also in play (purple dashed arrow).
On top of this pattern, I also calculated the potential profits of a bullish breakout using Fib. proportions and we are looking potentially at 290% profits if the same situation repeats.
A word of caution, HOTBTC can still move lower before producing a breakout to the upside. Always make sure to set a stop-loss and have a trading plan before buying any altcoin, so you can know your next step regardless of what happens.
Some of these signals are very convincing and we tend to like what we find out, but the truth is that the market is unpredictable and can move in any direction, so it is good to always prepare for all scenarios.
For example, if a drop takes HOTBTC to 20 satoshis and you are prepared for this, this is no big deal, as you can simply wait it out or act as planned.
But if you are unprepared, you might think that is going lower, you might get nervous or scared and sell at the wrong price at a loss. That is why having a plan is always recommended when trading with us.
Thanks a lot for reading.
This is Alan Masters... Feel free to hit like to show your support.
Ughhhh, staring at HOT BTC months ago hovering at 6-7sats. What a great buy that was. HOT is a good project, thanks for the post! Hoping for run. Worst case-- drop to 18 sats, best case --- we dont drop to 20sats (ie 23 was bottom). That may be too hopeful.
Do you think we may touch the triangle top once more before break?
AlanSantana
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@jack_hartmann, It is possible yes, maybe a few more weeks, 1.5 weeks to be exact, to have a better idea of how this will move.
LtCmdrData
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@alanmasters, Youre the man! We appreciate the work and activity and analysis.
Do you think we may touch the triangle top once more before break?