The market gives us a continuation chart pattern like a Flag. If the price breaks the upper like of the chart pattern and moves above 3.70, it will give us a new buy opportunity. Stop orders for such long positions should be placed below SMA200. The 1st profit target will be at 450 resistance.
If the price drops below SMA200, we should be ready to see the further downward movement to SMA100 and 3.00 support. This variant is still possible as MACD gives bearish signals, and DMI does not support the strength of buyers. Be careful if you decide to follow the breakout signal. It will be able to become a fake breakout easily. Watch for the BTCUSD market as it is the main driver for altcoins.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price drops below SMA200, we should be ready to see the further downward movement to SMA100 and 3.00 support. This variant is still possible as MACD gives bearish signals, and DMI does not support the strength of buyers. Be careful if you decide to follow the breakout signal. It will be able to become a fake breakout easily. Watch for the BTCUSD market as it is the main driver for altcoins.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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