Hello Lads and Ladies,
As it was requested today, I will be looking into FUNBTC. There were talks about a possible Cup and Handle forming, so lets take a look at it.
In the last few days FUNBTC has been taking some very nice gains and has bounced from the bottom support to the 38.2% fibs line and has even touched the 50%.
Now the question would be if this can continue? The answer is pretty easy - VERY unlikely will we see FUNBTC continue its rise from this point on.
Taking a look at the Bollinger Bands, we see it hitting the upper band, which mostly means that we will see at least a short retracement. Moreover, the distance between the chart and the middle of BB is quite big, which, after it crossed it, most likely will re test and with a high probability bounce from there.
This bounce from the middle of the BB would also be around the level of the 23.6% fibs line.
Moreover, the RSI is at a pretty high level of its history, indicating a higher probability to retrace.
The needed sequence right now is a retracement, from where we could easily continue the push.
This needed retracement, as already mentioned would be around 408 satoshi, should that not hold, we will most likely see a full retracement and hit 355 again, so it is important to keep the stop loss very close.
Nevertheless, a bounce might easily happen at the mentioned line of 408. This bounce then would push to at least the 50% line again, or it might even test the 61.8% fibs line. If the 61.8% resistance breaks, it will have a lot of space to continue the push to at least 540 from where I would update it again what is most likely to happen.
IN NUMBERS
- BUY @408/0
- SELL @470 - @495 - @535
- StopLoss @390
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Cheers, Tomas