CryptoKraze here
In this post I am going to cover technical analysis of Meme for medium term trade. I am using tradingview charts and price linked to Bittrex exchange. Let' have a look on technical aspects of Meme.
Possibility on 1 hour Chart
If you look at 1 hour chart, you will see Meme has formed triangle and price is on support level now and ready to break out of triangle. This is very common pattern in crypto currencies, whenever a coin makes this symmetrical triangle, a breakout is imminent. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again. Now have a look at bollinger bands, price is touching lower bands and it has to move up now.
- I will have a buy entry at 0.00006150 with my profit target will be around 0.00009105 or above.
- Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.
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If you like my posts and analysis and want me to add analysis on more cryptocurrencies, let me know in comments and I will add analysis
Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose.
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