On the daily time frame the price chart of EOSUSD has constantly maintained a horizontal resistance at $4.7287 and a several diagonal touches at the support levels.
It signals that the market is about to head higher, occurs when there is a resistance level and a slope of higher lows.
Price trend can be any direction leading to the chart pattern, has a triangular shape. Prices move between two converging trendlines.
Trendlines Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space. Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks. Upward 63% of the time and 62% of the way to the triangle apex (upward breakouts). Target will only be determined when price reaches the resistance close above it at $4.7287 and above.
Targets after potential breakout to the upside are as follows: $ 5.1966 up to $5.6656,
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
It signals that the market is about to head higher, occurs when there is a resistance level and a slope of higher lows.
Price trend can be any direction leading to the chart pattern, has a triangular shape. Prices move between two converging trendlines.
Trendlines Two trendlines bound prices; the top trendline is horizontal and the bottom one slopes upward.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space. Price must touch one trendline at least three times, the other at least twice, forming distinct valleys and peaks. Upward 63% of the time and 62% of the way to the triangle apex (upward breakouts). Target will only be determined when price reaches the resistance close above it at $4.7287 and above.
Targets after potential breakout to the upside are as follows: $ 5.1966 up to $5.6656,
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.