CGLDUSD/CELOUSD double bottom back to $8.21

3 Sep 2021

CGLDUSD

So I am the best purveyor of advice I don't myself listen to it seems, because 2 days before CELO's--or as Coinbase denominates it--CGLD's breakout to 10.8, I drew up an unpublished chart which illustrated my reasoning for thinking that it was due for a double-up at least very soon (basically it seemed to me it was at the tail end of a massive bullish pennant that had been building up over a long period of time). The end point was, of course, a guesstimate, since you can never pinpoint exactly where a breakout begins, just provide a likely range.

Notably, I did not keep this in mind, because, well, I invested in 940 of them at $4.65 on August 28, and, as I watched the price waver a bit the following day, I got spooked, hands turned papery, and liquidated my entire holdings, selling half of them at break even, a quarter for $4.20 and everything else for BTC.

And of course, what do you know? On August 30, my erstwhile CELO/CGLD holdings absolutely mooned, hitting an all-time high of $11 on Coinbase Pro.

Double-bottoms are more touch-and-go, so I may or may not stick to this plan. Right now I am down, having bought 7.5k at around $6.06. But unless the price completely deserts the curves you see forming the purple 'W', with the gradually decreasing selling volume and CELO's recently solidly established supports at 5.33 and 5.5 I do project a return to at least $8 levels in the next day (give or take a few hours).

Happy trading, and I assume no disclaimer is necessary to protect myself from liability in the event this trade idea fails for those of you reading this who choose to open a long position afterwards, because...DYOR. CGLDUSD