Hello guys, welcome the to the BrushUpCrypto trading Universe. Bitcoin is again above $16,000, Big Investors making profit while most of us are still waiting for the Altseason to come around. Today, we’re gonna analyse the chart of Tomochain and whether it is the right time to enter the trade or not ?
Tomochain is currently trading at $0.6118, 58% down from it’s all time high during August of this year. So, let’s dive straight in …
As we can see form the TOMO/USDT graph above that it is has bounced back off the 20 day moving average and touching the resistance which was previously acting as support level.
If it regains this support level, that would signal an entry with stop loss just below the support(Shown using the black line) and first take profit to be placed at the resistance zone near $0.80. A healthy profit of 25%. While you can let half of your trade continue for the second taker profit level around $1.00.
If we look the RSI it has also broken through the long term downtrend and bounced back off using it as a support. Currently sitting at 51% mark, RSI has a lot of space to run.
Also, MACD is getting closer to breaking above ZERO line which means an asset in in uptrend.
NOTE: It is not a financial advice. Do Your Own Research before opening a trade.
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