$MINA$ - Bullish [Extended Strategy]
Feb. 24 Update: A Bullish Flag formation can be spotted on the H1 chart for $MINA$. However, RSI indicates that $MINA$ may experience additional short-term volatility. Nevertheless, I anticipate that my Stop Loss will endure such volatility. A technical analysis of $BTC$ will be provided shortly since its price movement has a significant impact on the broader cryptocurrency market.
The Medium-Term Play: 1-2 Months
4.84-to-1 PL Ratio.
Entry: 0.98920; Target: 1.76000; SL: 0.83004.
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Feb. 20 Update:
Long-term play is currently up 44%. I am looking to add to my position slightly below the 61.8% daily Fibonacci level.
The Medium-Term Play: 1-2 Months
4.84-to-1 PL Ratio.
Entry: 0.98920; Target: 1.76000; SL: 0.83004.
The Long-Term Play: 3-6 Months
4.54-to-1 PL Ratio.
Entry: 0.73376; Target: 1.78348; SL: 0.61387.
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Feb. 13 Update:
On February 7th, a limit buy order was placed at 0.73376, which was filled two days later. As soon as the order was completed, the price of $MINA$ rose 55% within the next two days. Despite this increase, I did not sell as the volume profile indicator showed that the next volume spike was expected to occur between 1.33 to 1.45. In response, I increased my target to this range and adjusted my stop loss to 0.793.
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Feb. 07 Analysis:
On Jan. 26th, the daily trendline was tested. A breakout trade was placed with the expectation of a 30-70% upward movement. The target was reached on January 31st but the position was not sold. Currently, it has fallen to about 6% gains. I expect MINA to bounce back from the 200 EMA [0.7450] and then continue to rise to reach a higher descending trendline.
TA Methodologies:
1. Supply & Demand Theories
2. Price Momentum
3. Fibonacci Retracements & Extensions SR Zones
4. Trendline Breakout
5. RSI Movement Strengths
Disclaimer: I would like to make it clear that I am sharing my analysis as a means of documenting, refining, and enhancing my thinking process. It is important to note that none of the information I provide should be construed as financial guidance. It is advisable that you conduct your own research.