Looking to take a 45 - 60% profit over 3-4 day period risking 30% on a $1000 investment for a risk/reward ratio of 2 . Basing bounce prediction on the descending wedge pattern that has been forming over the last four days on the 1 hour chart.
Buy zone is over the next day but could take longer to develop. Price will bounce/consolidate at the .236 Fibonacci level around 21000 sats with a dip below. Buy orders are set below 21000 sats and above 18000. Look for an over-extended RSI with a steep decline below 30 and curling back up before 20 and the 7 period MA with a bounce back up toward/crossing the 25 period MA.
I'm going wait to see that it does confirm indicators and pattern breakout to bounce back up as the price usually dips below support initially. I have stop losses set for around 13000 but could look to hold and average down if it dips that low and the chart still looks good to bounce.
There are 2 sell targets on the chart at previous support levels with explanations in the notes.
A trade 7-10 days from now could potentially trade better as the price could go as low as 15000 sats and I am medium term bearish on ARN at least to that level, potentially further. It has been in a down-trending pattern for almost 3 week and with the decrease in volume, will need to consolidate more at lower levels before breaking out.
Buy zone is over the next day but could take longer to develop. Price will bounce/consolidate at the .236 Fibonacci level around 21000 sats with a dip below. Buy orders are set below 21000 sats and above 18000. Look for an over-extended RSI with a steep decline below 30 and curling back up before 20 and the 7 period MA with a bounce back up toward/crossing the 25 period MA.
I'm going wait to see that it does confirm indicators and pattern breakout to bounce back up as the price usually dips below support initially. I have stop losses set for around 13000 but could look to hold and average down if it dips that low and the chart still looks good to bounce.
There are 2 sell targets on the chart at previous support levels with explanations in the notes.
A trade 7-10 days from now could potentially trade better as the price could go as low as 15000 sats and I am medium term bearish on ARN at least to that level, potentially further. It has been in a down-trending pattern for almost 3 week and with the decrease in volume, will need to consolidate more at lower levels before breaking out.