ReddCoin is having a very strong breakout, but what will happen next?
I was looking at ReddCoin (RDD) earlier trying to figure out if this was a real breakout or just a manipulated pump. I couldn't figure it out at first, but it is looking real now.
Above you have two charts: (1) 2 hours chart on the left and (2) a daily chart on the right.
Now, before we get started, let me tell you that there will be a retrace coming. When there is a huge breakout, a retrace follows. And looking at the bollinger bands, on both the 2h and daily charts, we are already outside the band, which points to a retrace.
Now, let's look at the charts:
- Huge breakout on the 2 hours chart, and the RSI reaching the overbought zone. This also confirms the coming retrace. This is nothing new, just plain simple and normal. - All the indicators have turned super bullish on this time frame.
- On the daily chart, the MACD just crossed over and it is showing plenty of room for growth. After this breakout is confirmed, we can expect more upward action. - The RSI is also very bullish and going up, as well as the DMI, OBV and STOCHRSI. - The STOCH indicator is reaching overbought as well, more proof that a retrace is coming soon.
Note: The order book is very heavy on the sell side.
How To Trade?
Since RDD reached almost a 100% increase in less than a few hours, it is better to wait for the retrace before jumping in. If you do jump in on this trade, you can use the targets that I will be sharing below in order to sell for profits.
Note: This is not a trade recommendation. I am not recommending this coin. But I am sharing this analysis by private request and will provide some targets for those interested.
Please think carefully before trading and make sure to have a plan. Set up some goals.
My strategy is always very, very simple:
1- Buy and hold. 2- Sell on target. 3- If the trade goes south, sell at stop loss price or hold for LONG and sell for profit when the time comes.
* Pretty simple.
Thank you for your continued support.
トレード稼働中
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ReddCoin (RDD) Targets:
(1) 98 * Target reached * (2) 117 (3) 132 (4) 147 (5) 169 (6) 196 (All time high) (7) 275 (New all time high)
- Please use this information as a tool to improve your trading. - Trade at your own risk. - This analysis does not mean that this coin will reach "x" price nor anything of that nature. - The targets are not all meant to be reached. The targets are resistance levels that can be used as reference points to take out profits. - Chart signals can change as time goes by. - If you enjoy this analysis, please like, follow and share. Your support is highly appreciated.
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Here you can find my old trade idea for ReddCoin (RDD), published on the 20th December.
Just click on the image below:
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According to one of our commentators, ReddCoin (RDD) was added to a Korean Exchange. This can explain why the price is increasing this much.
On a different note, the retrace is already in place. This is the retrace that I was warning about when I wrote this analysis. Wait for the full retrace to be over before opening any new positions.
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Looks like the retrace is over. We will get a strong signal if the hour/day closes above 86 satoshis.
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This is the same formation we broke out from before... What you think can happen next?
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You see how easy this works?
It goes up, then retraces and then it keeps on going up... PATIENCE IS THE KEY.
Here is a chart for your entertainment:
トレード稼働中
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RDD Keeps on going up. Steady, slow growth signals strength, and this coin has been growing steadily.
ReddCoin (RDD) Targets:
(1) 98 * Target reached * (2) 117 * Target reached on 24-Feb-18* (3) 132 (4) 147 (5) 169 (6) 196 (All time high) (7) 275 (New all time high)
So you didn't research about the coin you've offered people for more than %999999 potential profit? This is not your first time you should research about what you want to invest on
Investing and gambling are two different thing
houseofari
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@mvc64200, Fundamental analysis and technical analysis aren't the same either. One could make a point for either of their validity. Although (the announcement of) news will nudge a coin up or down, it does not always mean a coin will go up. RDD has been subject to seemingly manipulated pumps, so I wouldn't be surprised if the news would simply make it surge a bit and then make the coin drop until it's back to bottom just so the pump and dumpers can make a bit of profit. Just check the volume on a normal day. The order book is abnormally thin.
Dieter1983
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@mvc64200, be Nice. We must be happy with people like him. :0)
mvc64200
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@Dieter1983, No I can't be nice with people who offer shitcoins to amateur investor for their own benefits