The Chart is showing several Reversal Patterns and that The Market Has found bottom. Let's begin with The Falling Wedge Pattern, which is considered as reversal pattern. This pattern occurs during the downtrend and ends up with Bullish Breakout. This isn't the easiest patterns to trade. Also known from it's false breakouts. That's why I have made list of important things to watch for proper breakout.
Second evidence is that The Chart is also showing Bullish Regular Divergence which is signal for trend reversal. This is supported by RSI, CCI, HISTOGRAM and MACD.
Third evidence is that The Market has been testing support level (at 397) several times and has been quickly rejected. This means that there is demand for it at this level (Brown Box Area) and unlikely move further downwards from here. This is also indicating that strength of sellers are weakening.
This is analysis made in the longer term perspective.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM -2.12% -4.95% in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr The Pirate Crypto Cat
- Volume - Is it expanding?
- Oscillators - Are they supporting further upward movement? (E.g. RSI Super overbought?)
- Levels - Swing Highs or Major Resistance Levels near to the top level of this pattern. From these levels the price could easily reject and block initial bullish run.
Second evidence is that The Chart is also showing Bullish Regular Divergence which is signal for trend reversal. This is supported by RSI, CCI, HISTOGRAM and MACD.
Third evidence is that The Market has been testing support level (at 397) several times and has been quickly rejected. This means that there is demand for it at this level (Brown Box Area) and unlikely move further downwards from here. This is also indicating that strength of sellers are weakening.
This is analysis made in the longer term perspective.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM -2.12% -4.95% in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Stop-loss orders are strongly recommended.
Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
Do your homework before investing.
DISCLAIMER:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr The Pirate Crypto Cat
