Long
SNM 250% profit target
On the D chart SNM just hit his strongest support line, it corresponds exactly to 0.786 fib point of retracement.
RSI is clearly oversold and just bounced from the channel support.
The confirmation of trend inversion would be the break of both price and rsi channels resistances.
I put targets at 0.000052 (250%) (that is also the previous resistance and 1 fib point) and 0.000075.
It's not easy to predict a bullish inversion during a bearish market and these day Btc is unpredictable, but chart and rsi look very nice to me.
To be on the safe side you can enter only if it breaks both price and rsi channels resistances.
RSI is clearly oversold and just bounced from the channel support.
The confirmation of trend inversion would be the break of both price and rsi channels resistances.
I put targets at 0.000052 (250%) (that is also the previous resistance and 1 fib point) and 0.000075.
It's not easy to predict a bullish inversion during a bearish market and these day Btc is unpredictable, but chart and rsi look very nice to me.
To be on the safe side you can enter only if it breaks both price and rsi channels resistances.
Note
Mispell sorry. SONM not SNM of courseTrade active
We are still around 0.00001614 support, so there is still a chance that it will bounce back up, but price and RSI resistances has NOT been broken, probably next support is at 0.0000113 (22 RSI).
Trade closed: target reached
First target almost reached ( 239% profit ! )
We are now at 0.5 retracement, we can easily reach 0.618fib ( 0.000028) before next bull run
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.