Another chill day of trading as I had a lot of religious activities that occupied my day. My position play was successful and instantly got me my quota. In the overall crypto market, it seems like the bounce was successful for the majority of the day but another pullback is showing. Hopefully this is a higher low formation as the pullback becomes stronger.
As always, anything I mention here is not financial advice but my thoughts and my plans on the tokens discussed.
After yesterday's strong breakout with volume, it managed to break into the 40k area and consolidated a bit. However, we are currently looking at a long red candle with volume in the last 1 HR candle, so hopefully this is just a slight pullback as it climbs higher. My bias is we will see it start to return to the area of value because that kind of volume can't be ignored.
Before going to sleep, I assumed a liquidity grab would occur to the 2-2.10 area so I placed buy orders there. My 2.10 order was hit and I sold it when I woke up around 6:30. Imagine to my shock and surprise that it pumped hard a few hours later. It's all good though as I got it at a good price, but a part of me wishes I didn't sell so soon. It's all good as tomorrow will be another opportunity.
Yesterday I mentioned I was waiting for LUNA to retest the 85.3 area before I entered on LONG. As it did not bounce in the area, I didn't enter and it seems like the downtrend continues. Possible entry point might be 81.5 area.
Play the range is the name of the game. The bias switches depending on the area of the Gann Box. However, I'm iffy with the current situation so I won't be leaving an open order as I sleep.
