0x Long setup

0x is currently one of a few coins in a clear uptrend. As you can see on the 4h timeframe, it is set on a perfect support of uptrend line. It is definitely a nice opportunity to long from here. Stochastic is oversold on several timeframes – 15m, 30m, 4h and most important – daily too.

We have a bullish divergence on stochastic and RSI on 4h as well. The setup is really nice – on a technical basis. However – I am keeping the position small, because there is something risky here – the uptrend line isn´t created naturally, but because of Coinbase listing news. If you consider this – no matter how “oversold” it is on stochastic , it is still overbought sentimentally. Watch out than.

I would use two stops – one really, really tight on 0.755 USD (like 1.60% risk) and the second one wider. Maybe 0.688, that´s up to you.

The first target is 0.89 USD. That´s a place for some profit taking and placing a stop to profit. If we go higher, just watch and enjoy.