Bullish Characteristics:
Ichimoku Cloud -
- Beginning of a cloud twist appears to be forming ahead (From RED to GREEN)
- Tenkan-Sen/Conversion line crossed above Kijun-Sen/Base line (Blue line above Red line) or (Fast MA above Slow MA)
- Price broke through Senkou/Leading Span B into the red cloud, has since retested Span B (GREEN cloud line) as support and will look to cross the cloud for a breakout above Senkou/Leading Span A (RED cloud line).
- Chikou/Lagging Span. Should break above price action and/or cloud once the breakout occurs giving further bullish confirmation.
Ascending Triangle -
- Price near end of bullish pattern
- Volume slowly declining (Less trades as traders wait to see where price goes upon pattern completion
RSI -
- Respected a clear resistance line until it broke through (simultaneously while price broke into cloud).
- Line was retested for a support and held up
- Outlined in RED is a hidden bullish divergence
- Also looks as if RSI will be able to stay above 50 indicating a possible trend reversal.
Entry -
- I believe since price is bouncing off support along the ascending triangle as well as the Span B line within the cloud, taking a long at the current price would be safe. A more conservative approach would be to wait until price breaks out above the cloud along with the Tenkan line over the Kijun Line. And waiting for Lagging span to break above price as well.
Exit -
- Targets could include measured move of Triangle
- Could also wait for a cross of Tenkan (Blue) below Kijun (Red) after breakout
- Or set TP at next resistance after Breakout
- Set Stop loss below 3000 sats for first entry, or below most recent swing low for more conservative entry
This is not financial advice. For personal reference and discussion only. GL!!!
Ichimoku Cloud -
- Beginning of a cloud twist appears to be forming ahead (From RED to GREEN)
- Tenkan-Sen/Conversion line crossed above Kijun-Sen/Base line (Blue line above Red line) or (Fast MA above Slow MA)
- Price broke through Senkou/Leading Span B into the red cloud, has since retested Span B (GREEN cloud line) as support and will look to cross the cloud for a breakout above Senkou/Leading Span A (RED cloud line).
- Chikou/Lagging Span. Should break above price action and/or cloud once the breakout occurs giving further bullish confirmation.
Ascending Triangle -
- Price near end of bullish pattern
- Volume slowly declining (Less trades as traders wait to see where price goes upon pattern completion
RSI -
- Respected a clear resistance line until it broke through (simultaneously while price broke into cloud).
- Line was retested for a support and held up
- Outlined in RED is a hidden bullish divergence
- Also looks as if RSI will be able to stay above 50 indicating a possible trend reversal.
Entry -
- I believe since price is bouncing off support along the ascending triangle as well as the Span B line within the cloud, taking a long at the current price would be safe. A more conservative approach would be to wait until price breaks out above the cloud along with the Tenkan line over the Kijun Line. And waiting for Lagging span to break above price as well.
Exit -
- Targets could include measured move of Triangle
- Could also wait for a cross of Tenkan (Blue) below Kijun (Red) after breakout
- Or set TP at next resistance after Breakout
- Set Stop loss below 3000 sats for first entry, or below most recent swing low for more conservative entry
This is not financial advice. For personal reference and discussion only. GL!!!
Comment:
3665 sats at time of post