If you look at my previous FLXN idea, I called the short from around $20 to $9 using classical charting techniques. I am now calling the bottom on that trade. It looks like a textbook Adam and Eve double bottom. If you analyze the tape a bit more, you can see accumulation going on in the $11-12 dollar range with anything under $11 clearly being bought back up....
FLXN reaching a 100% retracement of the run-up from last year. A huge short play could be in the making if it cracks under 19.05 and holds. I would wait for confirmation, but we could see a measured move down equal to the length of the pattern (32.25-19.05 = 13.2) While I don't think $6 is realistic, I believe that you may be able to cover in the low teens or high...
VET has just come off the rebranding of VEN on it's own blockchain. Binance announce news of a 100 million VTHO airdrop for VET holders on August first. As a result, a bull flag has formed. The pole is roughly 70 sats in length so on a break out, 400-410 sats is possible. I would set my buys at the 50% retracement of the run and a stop loss a little past the 61.8%...
From a purely technical standpoint it looks like $FLXN will range until October before this ascending triangle converges. Of course the announcement the company getting acquired can make the 11 million + shorts close but if an extraordinary event like that does not happen with the next few months, this stock will break out upwards. If you are want you can trade...
VEN is sitting just under 20 RSI on the daily. The chart is pretty bearish and there is no support until 9k satoshis. I believe that we will slowly trend up due to a buy the rumor sell the news event with the $BTC ETF. I place the horizontal resistance levels at 35k sats and 40k sats. This is where I would plan on placing my exits in this bounce.
It formed a lower low and 31.5k satoshis. The RSI, however, set a higher low. I am conflicted because I believe BTC will retrace over the weekend but there may be some upside to this trade. Opinions?
Huge descending wedge on the WTC/BTC 1D. Looks like convergence will be around early August. Just in time for the $BTC ETF? Setting some buy orders around 92k sats and having a tight mental stop if it is a counter-to-anticipated breakout. However, the chart is somewhat bearish. The Tenkan sen is pretty far from the Kijun sen which suggests we are decently...
