REQ at long-term support
Diupdate
All,
REQ is currently at it's long-term technical support levels, as shown by the ascending trendline. Furthermore, it's short-term downtrend line will cross the long-term uptrend line in a matter of days. This means that a significant decision point is coming for REQ, and it's definitely a position you're going to want to keep a close eye on.
In order for a long entry to be technically sound, look for any break above the descending trendline on volume. This will indicate another massive bull run is coming. Given the last bull run and current price action, it's not unreasonable to expect a possible 40% profit on this trade in BTC value. Considering BTC is also currently in an upswing (likely until 14-15K) this could compound into a much larger dollar gain value.
I am not advising entry YET. Wait for volume to pick up on a bullish move. However, I am expecting this move to come relatively soon. An aggressive trader with more tolerance for risk could enter the trade early.
Technical basis: Ascending long-term trendline is crossing descending medium-term trendline
Assumption: REQ will pop up or down in the very near future, very likely up.
Entry: Enter on any bullish price action with significant volume behind it
Price targets (assuming entry):
REQ is currently at it's long-term technical support levels, as shown by the ascending trendline. Furthermore, it's short-term downtrend line will cross the long-term uptrend line in a matter of days. This means that a significant decision point is coming for REQ, and it's definitely a position you're going to want to keep a close eye on.
In order for a long entry to be technically sound, look for any break above the descending trendline on volume. This will indicate another massive bull run is coming. Given the last bull run and current price action, it's not unreasonable to expect a possible 40% profit on this trade in BTC value. Considering BTC is also currently in an upswing (likely until 14-15K) this could compound into a much larger dollar gain value.
I am not advising entry YET. Wait for volume to pick up on a bullish move. However, I am expecting this move to come relatively soon. An aggressive trader with more tolerance for risk could enter the trade early.
Technical basis: Ascending long-term trendline is crossing descending medium-term trendline
Assumption: REQ will pop up or down in the very near future, very likely up.
Entry: Enter on any bullish price action with significant volume behind it
Price targets (assuming entry):
- Target 1: 5500 (55K satoshi)
- Target 2: 6500 (65K satoshi)
- Target 3: 7500 (75K satoshi)
Catatan
Floating below the supporting trendline with volume is certainly not a confidence-inspiring move, here. It's looking more and more like this is a trade that won't happen.Catatan
So we dropped below the supporting trendline and then immediately bounced off our support line:To me this is fairly bullish, but the safe move here is to at least wait until we get a confirming move over the resistance trendline before entering a long position.
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