Potential reversal on Decred

30 maj 2018

DCR had a solid run, and a correction has been imminent. Aided by the sharp drop in BTC, Decred broke the first Fib level and dropped hard. It bounced twice off the 50 level when the RSI bottomed out, and a wedge with higher lows and lower highs has formed. One failed breakout attempt suggestions that the buy set up at the current price is aggressive. If the price breaks down, entries at the 61 or 75 level are good options. The second entry I provide here is at the 75, where a close stop can be entered, with a high profit potential. The exits from both set-ups should be partial, or should occur when prior high proves to be resistance. Re-enter on breakout.
Setting Fibonacci is difficult here, because DCR had two prior pump and dumps. I used the low point prior to resistance breaking (see orange line). The supports on several levels confirm this range.