Long
REEF/USDT Update: Another opportunity to buy cheap REEF.
Intro:
- Reef Finance tries to become one of the most used blockchains for DeFi.
It's fast, scalable and has a low transaction costs.
Reef Finance is build with Polkadot Substrate and comes with on-chain governance.
- The DeFi sector did have a hard time during midyear but finally recovers and with it also REEF.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states you opinion and maybe leads to further improvements considering my charts and explanations.
Daily chart:
- As the whole market also REEF did see a 30% pullback.
This lead to a downwards breakout of the tracked rising channel.
However it looks like we will be back in during the start of the upcoming week and continue to climb up.
- The overall volume keeps increasing slightly which is bullish.
- The 0.5 Fib level did hold and wee did get a nice bounce.
- Wee see that the 50MA came to help as support and did act well as such.
(The following description is taken from last discussion.)
- On the RSI side we got a rejection from the 80 line and are within a very shortterm downtrend most likely towards the 50 line where we expect support.
- We see a golden cross indicated by the yellow camera and a deathcross indicated by the cyan camera.
- The golden cross between the 20 and 50 MA can be seen as sign for a trend reversal while also most other signals tell us the same like price and volume .
- Currently we sit above the new support around 0.22
Expectations:
- We expect REEF to break back into the rising wedge and explode once we crack the 0.03$ resistance line.
- Assuming the trend reversal keeps in play and we get some kind of mirror image we expect REEF to touch 0.5 again before the end of 2021.
- Often times price consolidates above a support line which has been passed shortly before we see a bigger pump as separation from the support line.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.
- Reef Finance tries to become one of the most used blockchains for DeFi.
It's fast, scalable and has a low transaction costs.
Reef Finance is build with Polkadot Substrate and comes with on-chain governance.
- The DeFi sector did have a hard time during midyear but finally recovers and with it also REEF.
- It takes some time to create such ideas and drawings.
You are welcome to pay me back with a comment that states you opinion and maybe leads to further improvements considering my charts and explanations.
Daily chart:
- As the whole market also REEF did see a 30% pullback.
This lead to a downwards breakout of the tracked rising channel.
However it looks like we will be back in during the start of the upcoming week and continue to climb up.
- The overall volume keeps increasing slightly which is bullish.
- The 0.5 Fib level did hold and wee did get a nice bounce.
- Wee see that the 50MA came to help as support and did act well as such.
(The following description is taken from last discussion.)
- On the RSI side we got a rejection from the 80 line and are within a very shortterm downtrend most likely towards the 50 line where we expect support.
- We see a golden cross indicated by the yellow camera and a deathcross indicated by the cyan camera.
- The golden cross between the 20 and 50 MA can be seen as sign for a trend reversal while also most other signals tell us the same like price and volume .
- Currently we sit above the new support around 0.22
Expectations:
- We expect REEF to break back into the rising wedge and explode once we crack the 0.03$ resistance line.
- Assuming the trend reversal keeps in play and we get some kind of mirror image we expect REEF to touch 0.5 again before the end of 2021.
- Often times price consolidates above a support line which has been passed shortly before we see a bigger pump as separation from the support line.
Basic rules:
- Never buy the top/ ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone . Check the description.
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