REQUEST NETWORK/BTC - Huge Upside gains at low risk!
REQ/BTC is a coin I personally hold on spot for the mid to long term upside gains.
REQ has found significant support at the 0.5 fib level (208) after its break from the lows to hit a local high at 351. Right now its currently forming a bullish pennant , alongside low volumes, this suggests a strong consolidation and a breakout of the flag sooner or later. Seller pressure is almost insignificant.
1. For now, a low risk high reward trade would be entering on the support line - 0.5 fib confluence with bullish flag bottom:
Entry: 208 - 235
Targets: short term 351, 420, 500 ++ and on the longer term - 1100 and 1300 ++
Stop loss: 151 - Below the 0.382 fib level and previous resistance flipped support (180)
2. Another possible entry with breakout confirmation is entering on the breakout of the pennant. This can also be used to add to dips with the trade above ongoing.
Likely scenario is a bullish candle close above the wedge, hits the last local dominant resistance at 0.786 fib (290), comes back to retest 0.618 fib level confluence with wedge top around 246 - 265. A rebound from here will take us to go for the local ATH at 572
REQ has found significant support at the 0.5 fib level (208) after its break from the lows to hit a local high at 351. Right now its currently forming a bullish pennant , alongside low volumes, this suggests a strong consolidation and a breakout of the flag sooner or later. Seller pressure is almost insignificant.
1. For now, a low risk high reward trade would be entering on the support line - 0.5 fib confluence with bullish flag bottom:
Entry: 208 - 235
Targets: short term 351, 420, 500 ++ and on the longer term - 1100 and 1300 ++
Stop loss: 151 - Below the 0.382 fib level and previous resistance flipped support (180)
2. Another possible entry with breakout confirmation is entering on the breakout of the pennant. This can also be used to add to dips with the trade above ongoing.
Likely scenario is a bullish candle close above the wedge, hits the last local dominant resistance at 0.786 fib (290), comes back to retest 0.618 fib level confluence with wedge top around 246 - 265. A rebound from here will take us to go for the local ATH at 572
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