In a significant turn of events, Illuvium ($ILV), a popular cryptocurrency, has become the center of attention. Recently, CryptoBusy, a well-known figure in the crypto trading community, revealed a lucrative trading strategy involving $ILV. Consequently, this strategy has garnered significant interest due to its use of both short and long positions.
Initially, the strategy focused on a short trade activated by various confluences. These included a historical resistance pattern, evident bearish divergences on the hourly MACD, and a breakdown of a critical trendline. Moreover, these signals were reinforced by a bearish sentiment on the 4-hour chart, prompting the opening of a short position. Notably, this move yielded a remarkable 60.13% ROI, showcasing the strategy’s potency.
However, the trading dynamics took an interesting turn with a subsequent long position. The price of Illuvium rebounded at a 0.5 Fibonacci resistance level, a critical juncture with historical significance. This bounce and an SNR flip on the left provided a perfect setup for a long trade. Significantly, this maneuver capitalized on the upward price movement, achieving a 30.31% ROI with 20x leverage.
The price movements of Illuvium have been depicted through a Heikin Ashi candlestick chart. This type of chart is known for smoothing out price actions aiding traders in identifying market trends more clearly. Key annotations such as ‘First Rejection’ and ‘Multi-Year Resistance’ highlighted significant resistance levels that have historically influenced Illuvium’s price.
Furthermore, the chart included detailed ROI calculations for long and short positions. These figures underline the strategy’s success and demonstrate the trader’s ability to navigate upward and downward market movements.
Illuvium’s current price is $100.98, witnessing a 2.91% decrease over the last 24 hours. This volatility underscores the importance of astute trading strategies in the crypto market.
The successful execution of both short and long trades on Illuvium by CryptoBusy offers valuable insights into the world of cryptocurrency trading. It highlights the necessity of thorough analysis, the ability to interpret various technical indicators, and the agility to capitalize on market trends. Hence, such strategies serve as a beacon for traders aiming to navigate the often unpredictable waters of the cryptocurrency market.
