Over the past several months there has been many charts and setups posted on Twitter @crypto_advocate. One that I made a series of updates on was TOMO.
TOMO was sitting at 3.6k sats at the time and I identified it as a good pickup due to the period of accumulation during which all of Stoch, Stoch RSI and Volume showed signs of promise. Price was also starting to push up against the top of the accumulation zone, which in combination with the previous factors, hinted at a breakout. As you can see, I also identified 7-7.5k sats as the major resistance TOMO would face. A few weeks later I posted the following.
TomoChain was sitting at 7.9k sats at the time, just above the resistance zone I had mentioned weeks prior, and ultimately would go to a peak at 8.6k sats. At the time I told people not to FOMO into TOMO due to the heavy resistance area in combination with the double tops forming on both the Stoch RSI and RSI. Also note the green box on the chart which was called out as a reload zone in a subsequent tweet.
What's happened with TOMO price action since?
Price is now back firmly in that green box from my chart on October 7th, the exact spot I said I was looking to reload. The confluence here is strong as well with the 50 DMA and 0.5 fib. OBV is also approaching support and a bull div is forming on the Stoch RSI; I expect price to hold here, at least for a short term bounce. If it doesn't hold, I'm looking to the lower green box on the chart and the 0.786 fib level.
Red boxes represent the major resistance zones on the horizon for TOMO. The first one is around 10k sats, nearly 2x current price and the second target would be in the 14-16k sat range.
In summary, if you managed to restrain yourself and not buy the top on TOMO, now is the more appropriate time to FOMO.
Entry: 5.4-5.8k sats
Exit: If price closes fully below 50 DMA you can either look to average out between 4.2k-5k sats or exit and rebuy in that zone
T1: Cut a small portion around prior highs, 8.5k sats
T2: Resistance zone from 10-11k sats
T3: Resistance zone from 14-16k sats
TOMO had a nice bounce from the outlined entry zone before losing the 50 DMA. Price has now touched the rebuy zone indicated and has rebounded for 23% so far. Until the market shows signs of recovery, it's not a bad idea to at least take some profit around here and the blue box which represents support turned resistance.
TOMO hit my primary target for a nice clean 2x from entry. Closed all but 25% of position here, holding the rest for now with a target of 100k sats, however considering this trade mostly closed at this point. Will open a new position on a break of this zone followed by successful re-test or a re-test of the 50 day moving average.
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