IMX → Immutable Ready for a Bull Run? Let's Optimize Our Trade.Immutable has fallen out of the bull channel and is trailing sideways around the 30EMA. We don't have any signals to determine if the next move is a drop or pop.
How do we trade this? 🤔
We don't have enough justification to enter a trade in either direction at this time. What we do have; The macro trend is clearly bullish, we're still above the 200EMA and have not tested it yet, RSI is around 40.00 but below the moving average, this could all be argued in the bull's favor. That the RSI is getting low enough to signal a reversal to the upside and that reversal could happen at the 200EMA. Because of the macro trend, our bias should be long. This analysis maintains that bias while also acknowledging we need key signals before entering a trade.
Until then, let's see how the price action plays out. FOMO (Fear of Missing Out) is your worst enemy. I find combating FOMO is best conceptualized as " You're making more money by not falling for the seduction of market profit. "
💡 Trade Idea 💡
Long Entry: $1.30
🟥 Stop Loss: $1.17
✅ Take Profit: $1.56
⚖️ Risk/Reward Ratio: 1:2
🔑 Key Takeaways 🔑
1. Bear Breakout of Bull Channel! End of Bullish Bias.
2. Failed to re-enter.
3. Look for Support at 200EMA.
4. If bounce at 200EMA, look for Bull Signal Bar to Long.
5. RSI at 40.00, Bias to Short in the Short-Term.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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