Cronos (CROUSD) has been trading within a Bullish Megaphone through the entirety of its current Bull Cycle. Ahead of its first 1W Golden Cross, the pattern draws many similarities with the Bullish Megaphone of the previous Cycle.
More specifically, it appears we are inside a Bull Flag similar to April - May 2021, which after testing and holding the 1W MA100 (green trend-line), it rebounded and peaked just above the 1.618 Fibonacci extension.
As you can see the Fibonacci structure between the two Megaphones is quite similar, giving high probabilities of a continuation. As a result, as long as the 1W MA00 holds, we expect Cronos to dip some more and then rebound to 0.85000 (Fib 1.618 ext).
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More specifically, it appears we are inside a Bull Flag similar to April - May 2021, which after testing and holding the 1W MA100 (green trend-line), it rebounded and peaked just above the 1.618 Fibonacci extension.
As you can see the Fibonacci structure between the two Megaphones is quite similar, giving high probabilities of a continuation. As a result, as long as the 1W MA00 holds, we expect Cronos to dip some more and then rebound to 0.85000 (Fib 1.618 ext).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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Trade Forex on TradingView (zero commissions)👉 go.tradenation.com/visit/?bta=37104&brand=tradenation
I trade Crypto (perps/swaps) with👉 app.defi.app/join/5b8X2l
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I trade Crypto (perps/swaps) with👉 app.defi.app/join/5b8X2l
Funded trading -10% off👉 hyrotrader.com/?coupon=tradingshot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.