Best chance to BUY before SNX takes off! SNX had already broken out from its bear trend before the "crypto crash". IMO the crash is nothing unusual compared to what we've seen before. Corrections are important so that we can continue our pumps. RSI looks good for SNX although we might need some time for it to bring back the bulls. BUY at any level lower than the 'Buy zone' that I have marked and take your profits around where I have marked. I would take 25% - 50% profits and leave the rest to run. That way you won't miss out on any more gains if the bear run continues. If you are buying SNX for the long term, I wouldn't take any profits until Q4.
Just an idea ;)
SNX
$SNX/USDT 1h (Binance Fut.) Symmetrical triangle break & retestSynthetix Network looks ready for bullish continuation after that last pull-back!
Current Price= 21.346
Buy Entry = 20.949 - 20.949
Take Profit= 22.077 | 23.081 | 24.146
Stop Loss= 19.873
Risk/Reward= 1:1.5 | 1:2.63 | 1:3.84
Expected Profit= +25.44% | +44.80% | +65.32%
Possible Loss= -17.00%
Fib. Retracement= 0.786 | 1.272 | 1.764
Margin Leverage= 4x
Estimated Gain-time= 1 week
SNX long position potentialLooking for various indicators in confluence to solidify confidence in SNX long term.
Stop loss 18-19 dollars
Target: set up various targets on the way up 25/30/40
Loading: ladder your position in slowly.. it's a long position and dependent on etherium movement
Please ask any questions.
SNX/USD: BULLISH SET UPSNX (Synthetix Network) Binance Chart
Ichimoku : The lagging span was blocked by the candle. Price still below the cloud so trend still bearish.
However
Kijun and Tenkan as support
And
Trend line : was broken which shows some signs of reversal. Price now retesting the trend line, could bounce and start an uptrend.
Targets: Fibo extensions on the chart
How to play it?
You could enter now with a stop loss just below the trend line (about 18.40) OR wait for the price to be back above the cloud and the lagging span to break the trend line. With the 2nd option you'll miss a part of the move but the change of trend will be confirmed.
Trade safe
SNX/USDT BreakoutSynthetix (SNX) - Daily Log Chart
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