Price still rising forming a chart pattern called up-sloping channel chart pattern(ascending channel)
The price trend leading to the channel can be from any direction.
Shape looks like a pipe tilted up or down, but not horizontal.
The two trendlines should be parallel or nearly so. Both should tilt upward .
Price should touch each trendline at least twice as distinct peaks or valleys.
Price should cross the pattern from trendline to trendline, nearly filling the available space.
Breakout occurs when price closes outside the trendline boundary and can be in any direction.
NOTE:
Avoid going short in an up-sloping channel. If price pierces the channel, to the downside, then sell a long position or consider going short then. For position traders, ride the channel up from the bottom and sell if the breakout is downward from the channel.
We always advise all traders to wait for a valid breakout before taking a position.
The near targets for short position after breakout are still $5084 down to $4991.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
The price trend leading to the channel can be from any direction.
Shape looks like a pipe tilted up or down, but not horizontal.
The two trendlines should be parallel or nearly so. Both should tilt upward .
Price should touch each trendline at least twice as distinct peaks or valleys.
Price should cross the pattern from trendline to trendline, nearly filling the available space.
Breakout occurs when price closes outside the trendline boundary and can be in any direction.
NOTE:
Avoid going short in an up-sloping channel. If price pierces the channel, to the downside, then sell a long position or consider going short then. For position traders, ride the channel up from the bottom and sell if the breakout is downward from the channel.
We always advise all traders to wait for a valid breakout before taking a position.
The near targets for short position after breakout are still $5084 down to $4991.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.