I am taking a short term long trade on clams! I think it will make a breakout move very soon.
This trade will mainly be based on technicals. Clam has a market cap of 14.7 million at the moment and it is also listed on poloniex margin trading(good volume for pumps) which means it has the prerequisites to to make a fast yet big move. Most coins take their turns pumping and it seems like almost all the coins have already done their pump except Clam/BTC. The way this coin has been distributed made it one of the most fairly/equally distributed coins in crypto.
Now the trend seems to have changed and we see that based off the green arrows indicating higher lows. There is no way to know that the first green arrow will be a higher low, but we will know that later on as we see very high volume bars come in as it starts to go up and make a local higher high.
The second green arrow shows the second higher low with higher volume than the past few years, which is signalling the first indecision in the bearish downtrend in clam for awhile.
After that 2nd green higher low gets established, we see a massive pop that breaks the red line resistance held from way back. This big move will put this coin on the radar for a lot of new people, myself included.
If we connect the first green arrow higher low with the 2nd green arrow higher low we make a new trendline. As you can see that after the big pop on Clams, the price retraced back to the trendline and held its ground which is a good sign.
Now we look at a closer time frame using 1 hr candles instead of the 1 day candles. We see a triangle forming with higher lows and lower highs. I am expecting a breakout when it breaks out of the upper resistance of the triangle as shown in the green circle. I am already long before waiting for the confirmation because crypto is in a bull market so I feel safe and the liquidity might not be there after this coin starts to take off... Looking for a nice fat scalp for a good long trade on CLAM/BTC
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