CELOUSD The most structured Channel Up in the market

Celo (CELOUSD) has seen a very strong rise since the start of the month that resulted in breaking above the 1D MA200 (orang trend-line) for the first time since January 17. The wider pattern of roughly the last two years has been a Channel Up, with highly structured Higher Highs (tops/ red arrows) and Higher Lows (bottoms/ green arrows).

In fact the past two 1D MA200 crosses following a Channel Up Higher Low, have been the final signal for the rally towards the new Higher High. That is technically around the 1.236 Fibonacci extension in relation to the previous top. Similarly the Higher Lows are around the 0.236 Fibonacci retracement level. At the moment the 1.236 Fib ext on the current wave is around $16.68 but if you are long on Celo it might be safer to start taking profits as soon as the price hits the Higher Highs trend-line of the Channel Up.


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