Fart is below the critical zone, but ...
The previous daily candle closed below the previous month's low as well as the long held ascending trendline. Both 5D and Weekly momentum indicators and price action are strongly bearish.
It seems that the current crypto market is heavily manipulated by market makers and it often happens on weekends when the volume is low. The price seems to drop sharply on Fri and Sat so I am being cautious with such price action and I have been avoiding opening and or closing a position on weekends. The Friday daily candle formed a big fat red candle below the critical zone, and it can trigger some people to panic sell. I might be wrong, but it seems manipulative move to me.
As I said in my previous article, I hold a small bag of Fart coins. I don't leverage trade. I allocate a small capital in various meme coins. My approach is if it goes to zero or clearly goes to zero, I accept my fate. But if it goes up, I take profit when negative divergence forms in either the 4H or daily chart.
Currently, the price is below the previous month low and below the trend line. However, the price reached Fib 0.786 and is hovering above that level. The price is at this stage holding that area. In my experiences, fib 0.236 and Fib 0.785 are quite stubborn areas for the price to penetrate. I look at these lines as the last line of defence for the bull and bear.
I will continue to observe how the price will behave in the area marked in the blue rectangular block in the chart. All momentums are bearish so it is not the time to be buying, or get involved in any way!
Do not buy the dip. If you are interested in investing in this asset, wait for the momentums to come back for the bull and buy the strength.
It seems that the current crypto market is heavily manipulated by market makers and it often happens on weekends when the volume is low. The price seems to drop sharply on Fri and Sat so I am being cautious with such price action and I have been avoiding opening and or closing a position on weekends. The Friday daily candle formed a big fat red candle below the critical zone, and it can trigger some people to panic sell. I might be wrong, but it seems manipulative move to me.
As I said in my previous article, I hold a small bag of Fart coins. I don't leverage trade. I allocate a small capital in various meme coins. My approach is if it goes to zero or clearly goes to zero, I accept my fate. But if it goes up, I take profit when negative divergence forms in either the 4H or daily chart.
Currently, the price is below the previous month low and below the trend line. However, the price reached Fib 0.786 and is hovering above that level. The price is at this stage holding that area. In my experiences, fib 0.236 and Fib 0.785 are quite stubborn areas for the price to penetrate. I look at these lines as the last line of defence for the bull and bear.
I will continue to observe how the price will behave in the area marked in the blue rectangular block in the chart. All momentums are bearish so it is not the time to be buying, or get involved in any way!
Do not buy the dip. If you are interested in investing in this asset, wait for the momentums to come back for the bull and buy the strength.
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมที่ ข้อกำหนดการใช้งาน