🌟🎯 "IMX Coin: Trend Analysis and Opportunities" 📊💱
🕵️♂️ Let's dive into the analysis of this cryptocurrency and update our previous insights based on recent developments.
🌟 In our previous analysis, we anticipated a correction and observed more red candles in the chart, suggesting a corrective trend that we could leverage with positions in futures to profit.
🗓️ We noted the break of the ascending trendline in our previous analysis, followed by a pullback and the subsequent breach of our trend confirmation line at the point 2.5452, leading to a roughly 30% correction. However, price found strong support exactly at the significant level of 1.7842 and did not dip below it.
🔄 Now, let's update our analysis and identify new entry and exit points for futures or spot trading.
📉 For short positions and continuation of the downtrend, our support remains at the level of 1.777. We need this support to be breached to initiate our short positions effectively.
⏰ A note regarding the placement of support and resistance levels before uploading the analysis: I deliberated extensively on whether to place the support higher to reflect future reactions. However, based on my experience, it's better to place the support at the latest point where after its breach, we can be confident about the start of a downtrend.
💹 Now, let's discuss long positions. We have an ongoing ascending trendline, suggesting that if this trendline breaks, we'll likely continue the downtrend. Usually, such trendlines don't require a trigger confirmation, and we can follow the breakdown of the trendline with candle confirmation.
🔍 For instance, in the previous analysis, we had an ascending trendline of a retracement type, and it was better to have a trigger confirmation after its breach, which indeed happened.
📊 Let's also take a look at the Fibonacci retracements we've drawn on the chart and discuss their significance in our analysis.
🛡️ We're currently in an uptrend that has corrected up to the 0.382 retracement level, which usually acts as support. If we manage to hold this level and move upwards, breaking the 0 Fibonacci retracement point, we could potentially start a new trend with more strength.
⛔ If this scenario unfolds, we can draw a Fibonacci extension on the chart to indicate future targets and introduce some ranges. Currently, these ranges could be around 5.6965 and 7.8242, which will be updated in future analyses.
💡 I also recommend taking a closer look at the IMX project to understand the reasons behind its significant growth. It seems that this project is creating a suitable gaming environment, which appears to be gaining traction among gamers, including myself.
🔑 Upcoming supports: 1.4470, 1.2445, 0.8222 - Upcoming resistances: 2.5719, 3.6471
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
🌟 In our previous analysis, we anticipated a correction and observed more red candles in the chart, suggesting a corrective trend that we could leverage with positions in futures to profit.
🗓️ We noted the break of the ascending trendline in our previous analysis, followed by a pullback and the subsequent breach of our trend confirmation line at the point 2.5452, leading to a roughly 30% correction. However, price found strong support exactly at the significant level of 1.7842 and did not dip below it.
🔄 Now, let's update our analysis and identify new entry and exit points for futures or spot trading.
📉 For short positions and continuation of the downtrend, our support remains at the level of 1.777. We need this support to be breached to initiate our short positions effectively.
⏰ A note regarding the placement of support and resistance levels before uploading the analysis: I deliberated extensively on whether to place the support higher to reflect future reactions. However, based on my experience, it's better to place the support at the latest point where after its breach, we can be confident about the start of a downtrend.
💹 Now, let's discuss long positions. We have an ongoing ascending trendline, suggesting that if this trendline breaks, we'll likely continue the downtrend. Usually, such trendlines don't require a trigger confirmation, and we can follow the breakdown of the trendline with candle confirmation.
🔍 For instance, in the previous analysis, we had an ascending trendline of a retracement type, and it was better to have a trigger confirmation after its breach, which indeed happened.
📊 Let's also take a look at the Fibonacci retracements we've drawn on the chart and discuss their significance in our analysis.
🛡️ We're currently in an uptrend that has corrected up to the 0.382 retracement level, which usually acts as support. If we manage to hold this level and move upwards, breaking the 0 Fibonacci retracement point, we could potentially start a new trend with more strength.
⛔ If this scenario unfolds, we can draw a Fibonacci extension on the chart to indicate future targets and introduce some ranges. Currently, these ranges could be around 5.6965 and 7.8242, which will be updated in future analyses.
💡 I also recommend taking a closer look at the IMX project to understand the reasons behind its significant growth. It seems that this project is creating a suitable gaming environment, which appears to be gaining traction among gamers, including myself.
🔑 Upcoming supports: 1.4470, 1.2445, 0.8222 - Upcoming resistances: 2.5719, 3.6471
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
