I cant pick exactly what this pattern is. I thought it was a triple bottom at first, but triple bottoms don't slope down like that. The broadening Wedge could fit it, but it doesn't meet the bottom trend line before an attack on the upper, plus there is a volume spike at the front of the pattern? It could be a simple double bottom but I feel there is a lot more going on in there. That is the problem of chart patterns; they're incredibly subjective. In any case, I know a reversal when I see one.
If this is going to give us a rise, I'm expecting the price to continue on from this point, but there is every chance it could get caught here for a week or so. I've drawn in the dotted blue trend line because I cant quite decide whether or not the breakout has already begun or if the congestion zone is going to start now. Either way, I would be looking for the next candle to close above 0.020 before I could be certain. There's not even any clues on the daily, as the last two candles are dragon fly dojis which are as good as random anyway. If we do get a good start next week then I think this will have the potential to run all the way to the 200 week MA at 0.030, setting a stop at 0.017 which is a previous line of support. It is a little generous and should probably be at 0.018, but I would hate to get stopped out of a potential 50% gain. A drop below 0.017 indicates this will likely continue to head south to the lower trend line.
If this is going to give us a rise, I'm expecting the price to continue on from this point, but there is every chance it could get caught here for a week or so. I've drawn in the dotted blue trend line because I cant quite decide whether or not the breakout has already begun or if the congestion zone is going to start now. Either way, I would be looking for the next candle to close above 0.020 before I could be certain. There's not even any clues on the daily, as the last two candles are dragon fly dojis which are as good as random anyway. If we do get a good start next week then I think this will have the potential to run all the way to the 200 week MA at 0.030, setting a stop at 0.017 which is a previous line of support. It is a little generous and should probably be at 0.018, but I would hate to get stopped out of a potential 50% gain. A drop below 0.017 indicates this will likely continue to head south to the lower trend line.