Well April has arrived. For those of you who were here last April, you'll remember it was probably the best month of 2018. How will this April turn out?
We are currently in an ascending triangle formation, where the price is making higher lows but hitting its head at a specific level. This is the fourth time we've tested the resistance. If it breaks we should see big volume and some big green candles. Nobody knows how high it will go, but maybe it will double.
Last year we had a long term descending triangle, it broke to the downside in November and volume has been declining ever since. Will we see the reverse situation soon? Nobody knows for sure, but keep an eye out. Perhaps the price will break out now and go parabolic on high volume. Or perhaps the price will drop and form another higher low before breaking out to the upside. Or perhaps the price will come crashing down, break through the lower trendline, and make new lows.
Personally, I'm bullish. And I hope that this April ends up being a much needed opportunity for bulls to make some money. There is certainly an opportunity to come up with a game plan now. Be mindful of what could happen, choose an entry price, a target price, and a stop loss price. Good luck!
I do technical analysis as a hobby. I like to learn more about markets and share my ideas with other people. But when it comes to real trading decisions I trust my trading algorithms more than my chart analysis. See my signature for more info.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
We are currently in an ascending triangle formation, where the price is making higher lows but hitting its head at a specific level. This is the fourth time we've tested the resistance. If it breaks we should see big volume and some big green candles. Nobody knows how high it will go, but maybe it will double.
Last year we had a long term descending triangle, it broke to the downside in November and volume has been declining ever since. Will we see the reverse situation soon? Nobody knows for sure, but keep an eye out. Perhaps the price will break out now and go parabolic on high volume. Or perhaps the price will drop and form another higher low before breaking out to the upside. Or perhaps the price will come crashing down, break through the lower trendline, and make new lows.
Personally, I'm bullish. And I hope that this April ends up being a much needed opportunity for bulls to make some money. There is certainly an opportunity to come up with a game plan now. Be mindful of what could happen, choose an entry price, a target price, and a stop loss price. Good luck!
I do technical analysis as a hobby. I like to learn more about markets and share my ideas with other people. But when it comes to real trading decisions I trust my trading algorithms more than my chart analysis. See my signature for more info.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!