From the Ashes – A Phoenix Will Rise
Oof - Another Pullback?
Pullbacks can seem rough, especially when they seem to be market-wide. The fact is, they are not only normal but healthy for a trending asset. It’s hard not to feel like “this is it”, or “we are going down” but patience in trading will teach you to ride the ebbs and flows until either your stop gets hit or there is a clear sign of invalidation for whatever your trade setup is.
The really cool part about all of this is that sometimes you can select the very few winners that buck the system completely and go on to be very successful traders, despite the market temperature.
LRC Got a Good Bounce
LRC got a 32% bounce from the second Support Zone. It failed to create a Higher High on the bounce and that is what we call a Swing-Fail. This is where Day Trading comes in as opposed to Swing Trading.
The next Support rea is marked on the Chart as well. Those two zones are so tight that you would likely be laddering into that area and looking for a retest of the previous high. From there we look for another leg up if we see good momentum and volume.
IOTX Does Not Care What the Market is Doing!
While everyone else was dumping yesterday, IOTX posted a single 120% positive candle. Not bad – not bad at all. That candle was enough to reach our first target resistance area at $0.21302. We now look for a decent pullback and cool off as we have seen with other coins and then another leg for our $0.2759 and $0.3208 levels of resistance.
But this goes to show that there will be some coins that will ignore the status quo and go on to do their own thing, despite what Bitcoin has to say about it.
CHR Still Crushing It
CHR has a peak gain of 66% yesterday and that was enough to tag our second area of resistance – which is currently proving to be resistance. That level was $1.1731. Once again we wait for the pullback, see if we get any type of cool off, and then look for the next major resistance area which we have at $1.8290.
Time will tell as always but these coins have proven that they will not let the overall market drag them down. If they want to move, they will move.. And if they are going to move, we need to have our Support and Resistance ready to make solid trades.
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