Graph Protocol is Just Warming Up

1 feb. 2021Rushing back to get this one done because Graph broke its ATH already (and the trend that its been on has been pretty crazy).

We already pointed this one out a few weeks ago when it was hovering in the '50's range (and in the 40's as well). But now is still a ripe time to enter in a long position (if you're able to be patient in the instance that you don't see the rewards come through immediately for yourself).

Let's take a look at the chart on the daily resolution.



Since we just covered this new indicator that's going to be published soon, we might as well put it work now (since its still overlaid on the chart).

As we can see from above, the Librehash Trending MA has us locked into an entered long position here; so we're not going to fight that adjudication here.

Graph Protocol is at an All-Time High as Well

This is what got our attention specifically (didn't catch this right off of the 'alarm' that should've went off when this event took place, but that's fine; no need to worry).

See below:



In the next chart we have the underlying diagonal support uptrend drawn below the price as well to show a 'catch point' should it get sniped out of the sky from where it is currently:



Additionally, since that pseudo-overhead resistance that was past by the price has now become a support after the price blew past it recently, we need to consider it to be a potential "re-touch" point for us if the price consolidates at any point in the near future:



At <10%, there's not too much risk that we're really taking on an entry into a long position at this point (that's the plan for this asset at the time of writing; although we were already locked into a long beforehand) .

Relative Strength Index(14) ; Daily Resolution

The RSI(14) on the daily resolution for 'Graph Protocol' looks extremely bullish as well (there's no reason to question what we're seeing out of the indicator here):





Balance of Power RSI

We can see the same story for the Balance of Power RSI for Graph Protocol as well:



Conclusion

In fear of wasting too much time remarking on just how bullish that Graph Protocol is looking right now, we're going to go ahead and conclude this one prematurely with an R/R.

Using a Fibonnaci indicator (since the asset is already trading at an ATH), we're going to set a target of $1.32 tentatively for the Graph Protocol

Why not.

And the actual S/L will be below that underlying support to ensure that we're not liquidated out due to garden variety consolidation for no reason: