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$CLOAK.X Potential Breakout

Nice cup and handle forming here. Trying to find the bottom of this correction. Once it does we can see some nice gains from CLOAK. It's a risky trade to get in now as it's still correcting but the MACD and RSI suggest it's close to bottom. This coin has been on Binance about a week now and they tend to moon within 2 weeks. The general pattern is pump/dump/bottom/consolidate/moon. Watch closely for the bottom to come soon. It will likely consolidate a little after which will make a good entry point. This trade will also rely heavily on BTC stability.
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Also, watch BTC closely. If BTC dumps or pumps drastically it can throw us out of this consolidation to a lower support.Not
This trade requires patience. If you’re not willing to hold through a loss do not enter yet. Of course, the other side of that is you could miss the run. Play at your own risk and always have a strategy.Not
We're getting some nice movement. This is just the beginning. I'm holding!Not
There are two options that can play out here according to Elliot Wave theory. On the bigger picture we have either started wave 3 up (yellow) and are on subwave 2 retracement (dark blue), or we have not finished the big wave 2 (yellow) and are on subwave C retracement (light blue) on our way to finish wave 2 lower. Considering this a new a Binance listing and the coin has good fundamentals, I'm leaning bullish which would go with my original chart. But I wanted to show both options so anyone in a trade can be prepared for the bearish scenario. We should know in the next 12-24 hours which scenario is playing out. Not
BTC moving is really affecting this. CLOAK does not look good at the moment and I expect BTC to rise higher. I sold here and will look for a lower re-entry.Not
Binance announces a CLOAK volume competition 5/17 - 5/23. Hold on tight for increased volume and volatility. This is a whale's contest so be very careful if you're trying to flip. Contests are a pain in the ass but it will get this coin the exposure it needs.Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.