Update

Couple of days back, I did a funny thing! I guess even this veteran can get the 'alt-coin-flue'! I bought some HT token that I described on this post. This is something I bought on a whim. I normally don't do that these days, but like I described there, it is my weakness, you may also call it a vice (just to make it more sinister!). I bought that token around $8.2. It was a random buy, and I adviced people, don't be a moron like me, and do not try this at home :)

Since then I did a little bit of research on HT token as well, and I am convinced at the use case. To me it is a competition between Binance and Huobi to capture the LP market from Uniswap. I don't care who wins, but as long as they catch some market cap from Uniswap, which they will; I am statisfied.

Technically speaking as some of us were discussing this token. I saw a pattern emerge on the hourly chart. After reaching $9.3, HT moved sideways and consolidated. The chart above showed a nice technical pattern called Pennant. In a strong bull market, these are useful pattern to trade. Although I must caution people that they fail a lot too. Generally Pennant doesn't have much of a bias and that triangular formation can break in either direction. You say, Hell NO?! Well, sorry, but its true! But, if there is a strong uptrend ahead of time, there is a bias towards the upside. The other interesting thing about this formation is that it can give you a semblance of sanity by providing you with a potential target. You can draw a 'flag pole' from the previous support, and put the same length of the flagpole at the apex of the triangle, as shown above. This gives you a price target.

Real-Trade

So this discussion on HT was happening in real-time. I happen to capture a chart when HT was trading at 8.2, and I was identifying the talking through the trade.

As per the explanation, the breakout can happen in either direction. The upside target will be 10.6 and the downside target will be 7.1. Due to the strong uptrend previously the bias is towards the upside. So I enter a position and bought about 1000 HT. As you can see from the first chart, the trade is done and dusted!

Point is to have fun and enjoy the ride with hopefully the money that you can loose. Please don't get into debt trading alt-coins! Otherwise, you might need therapy!

Lately I am digging the dinocomics! :)

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.

Charts are created in Tradingview.com, which is a free service.

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