After the price of BTCUSD move up as expected in out previous analysis
some coins are showing sign of recovery and holding on to there levels of support and are expected to test new highs. EOSUSD price chart has greatly maintained its levels of support and at the same time forming a chart pattern called THE BULLISH PENNANT FLAG PATTERN.
The bullish pennant flag pattern has been analyzed and explained, we focus more on the volume which has downward trend of 89% of the time.
The chart pattern shown here, is a loose chart pattern because it has a lot of white space inside it. The flagpole which leads to the pennant should be unusually steep and last several days. We still stick to our rules of trading, which is to wait for a valid breakout before a position.
And lastly the use of ICHIMOKU CLOUD METRICS(default settings 9,26,52,26), one of the metrics (KIJUN)showing a bullish to the up side called ANGULATION.
LONG:
Buy:$5.8314
Sell:$6.78 up to $7.93
Stop loss:$4.9506
NOTE:
WAIT FOR BREAKOUT.
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.
The bullish pennant flag pattern has been analyzed and explained, we focus more on the volume which has downward trend of 89% of the time.
The chart pattern shown here, is a loose chart pattern because it has a lot of white space inside it. The flagpole which leads to the pennant should be unusually steep and last several days. We still stick to our rules of trading, which is to wait for a valid breakout before a position.
And lastly the use of ICHIMOKU CLOUD METRICS(default settings 9,26,52,26), one of the metrics (KIJUN)showing a bullish to the up side called ANGULATION.
LONG:
Buy:$5.8314
Sell:$6.78 up to $7.93
Stop loss:$4.9506
NOTE:
WAIT FOR BREAKOUT.
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.