Hi guys, Trig Token had a remarkable day yesterday, it was up more than 100% at best but then it pulled back a bit and closed about 60% up. Lets have a look at the daily chart:
Comment: The good thing here is that we are above the moving averages and we have had an extended pullback today and at the moment I see 3 scenarios:
- We will form a hammer today and go up again tomorrow.
- We just had a minor pullback and we will just go straight up from here
- This was just a pump and dump and today we will go down and not come back
I do think that the first or second scenarios are the most likely to occur from here on.
Now, I want to show you a very short term trading idea on the hourly chart. Here it is:
Comment: As you can see, we have pulled back to the 0,618 fibonacci level and at the same time we have got a reversal sign on the stochastics, therefore, I placed a short term trade here with a stoploss at 0,000016 BTC.
Lets see how this will be played out.
Happy trading!