Long
AION LOOKING BULLISH
Updated
Aion seems to have broken out of a descending triangle. 20/50/100EMA's being very close for the last 3 months indicates that huge price action is just around the corner after the squeeze of EMA's. We might retest the top part of the descending triangle which would be around 0.0000100
I am going to enter a small position now, looking to add a bit in the 0.0000100-0.0000120 range and enter a bigger position if we take out the swing high at around 0.00001385.
The first big resistance will be around 0.0000210 (the red dotted line) which will be in confluence with the 200EMA. The second resistance is not that strong at around 0.0000280 which i think will be broken fast. The first very strong resistance (if we manage to take out 200EMA) is in the 0.0000430-0.0000470 range.
The stop loss will be placed just under the bottom line of the descending triangle, at around 0.0000075, still giving us a very good risk/reward ratio.
Entry: 0.0000100 - 0.0000138
Stop loss: 0.0000075
TP1: 0.0000210
TP2: 0.0000280
TP3: 0.0000435
This is not financial advice, just an idea. Use stop losses, money management g stuff.
I am going to enter a small position now, looking to add a bit in the 0.0000100-0.0000120 range and enter a bigger position if we take out the swing high at around 0.00001385.
The first big resistance will be around 0.0000210 (the red dotted line) which will be in confluence with the 200EMA. The second resistance is not that strong at around 0.0000280 which i think will be broken fast. The first very strong resistance (if we manage to take out 200EMA) is in the 0.0000430-0.0000470 range.
The stop loss will be placed just under the bottom line of the descending triangle, at around 0.0000075, still giving us a very good risk/reward ratio.
Entry: 0.0000100 - 0.0000138
Stop loss: 0.0000075
TP1: 0.0000210
TP2: 0.0000280
TP3: 0.0000435
This is not financial advice, just an idea. Use stop losses, money management g stuff.
Note
Zooming in, we beautifully retested the trendline+support line on the 6h, which are also in confluence with the 100EMA and 0,5 Fib level. Now we are trading in an ascending triangle, which also looks like a bear flag pattern, but does not worry me at all because of the confluence in support on the 6 hour + breakout on the 2 day chart.
Nevertheless, I am going to enter a short term LONG position with a stop market order once we break out from the triangle, at 0.00001190, setting the Stop loss below the last swing low, at 0.00001070. Giving us a 2:1 Risk/Reward.
I will take 50% off if we indeed manage to reach the 0.00001433 level and look to either add more or re-enter at a lower level depending on the price action.
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