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Our short term view on Huobi Token

Hello everybody,

Today we will discuss Huobi Token . Just like BNB, Huobi rewards exchange users for their loyalty with lowered transaction fees while also carrying its own value in tradable pairs against popular currencies.

And HT did it pretty well as it surged 120% during the first months of this year. We think that this will continue but traders need to be cautious now.

Since March 12, the coin jumped 20%. However this happened in three clear waves (for now). And that’s something that concerns us for the short term. We can count four waves in the current wave so we know that a fifth wave will follow. Bulls better push this 5th wave trough $ 2.13 or it will retrace again towards the $ 1.62 -$ 1.72 zone.

The trade

We are long with a stop at $ 1.9176. Targetting the $ 1.99 – $ 2.04 range but keep in mind that this baby can push trough $2.13. We close our trades live so it’s difficult to say where we will take profit. The RSI and patterns on smaller timeframes are our guide…

Questions?
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