ICHIMOKU CLOUD setting will be used to analyse this coin's chart on the daily timeframe using the DOUBLED CLOUD SETTINGS.
The Ichimoku Cloud setting using the double cloud settings on daily time frame are; price below Cloud, bearish Cloud, weak TK cross, and bearish Lagging Span.
Price is currently bouncing on the Kijun(RED LINE), which will serve as a strong support.
The Ichimoku Cloud uses four metrics; the current price in relation to the Cloud, the color of the Cloud (red for bearish, green for bullish), the Tenkan (T) and Kijun (K) cross, and the Lagging Span.
The best entry always occurs when most of the signals flip from bearish to bullish, or vice versa( which is currently happening below the cloud).
A long entry based on traditional Cloud rules does not occur until the Cloud is breached by price( price into the cloud).
However, a long reversal trade opportunity known as the Edge to Edge trade can be taken advantage of with current Cloud structure.
The cloud consist of two lines, the red and the green: the green is called senkuo span A while the red line is called senkuo span B.
When there is a kumo twist( cloud twisting changing from red to green or from green to red) with the price and cloud moving down(bearish), senkuo sapn B will be on top of the cloud while senkuo span a WILL BE BELOW THE CLOUD.
When price and the cloud is moving up(bullish), senkuo span A will be on top of the cloud while senkuo span B will be below.
If price breaches Cloud resistance (which is the green line), the target being the opposite edge of the Cloud, or 0.00009474sats.
This is known as an Edge-to-Edge trade. A long entry for this trade would trigger with a daily candle close within Cloud resistance.
These trades also have a higher probability of success if they are accompanied by a bullish TK cross(which has just occurred).
The stop loss for these trades are typically either the Kijun or Cloud support, depending on Cloud structure at the time of entry.
The flat red line on the cloud (senkou span B) is always 0.5 fibonacci retracement level, which is where price will always reach on breaking inside the red cloud.
Volume has also reduced greatly, the flat kijun is the best zone to place a buy order.
TECHNICALS SUGGESTS that price is currently having 2 different strong resistance level and support level. at 0.00003091sats and 0.00001729sats.
BUY: 0.00001938sats down to 0.00001729sats
SELL: 0.00003976sats up to 0.00009448sats
STOP LOSS: 0.00001228sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.