THE REPEAT OF THE BULLISH FLAG PATTERN.
We have always explained what a bullish flag pattern is and how it looks like. A quick review on what a bullish flag pattern is and what to expect before a major breakout will happen.
Flags appear as small rectangles usually tilted against the prevailing price trend and mounted at the end of a flagpole. If you don't have a straight-line (or a quick move) price run (the flagpole), then you don't have a flag. The best performing flags have a long, near vertical flagpole.
What to look out for:
Price trend can be any direction leading to the chart pattern.
Shape looks like a small rectangle often tilted against the prevailing price trend. Price moves between two parallel, or near parallel, trendlines.
Flags are short, less than 3 weeks long. Patterns longer than that are rectangles or channels. The flagpole which leads to the flag should be unusually steep and last several days. Breakout upward 60% of the time.
We have also mentioned it on several analysis, that it is advisable all traders wait for the price to breakout out before taking a position.
VERDICT:
BUY: $3.816
SELL: $3.936 up to $4.11
STOP LOSS:$3.66
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.
We have always explained what a bullish flag pattern is and how it looks like. A quick review on what a bullish flag pattern is and what to expect before a major breakout will happen.
Flags appear as small rectangles usually tilted against the prevailing price trend and mounted at the end of a flagpole. If you don't have a straight-line (or a quick move) price run (the flagpole), then you don't have a flag. The best performing flags have a long, near vertical flagpole.
What to look out for:
Price trend can be any direction leading to the chart pattern.
Shape looks like a small rectangle often tilted against the prevailing price trend. Price moves between two parallel, or near parallel, trendlines.
Flags are short, less than 3 weeks long. Patterns longer than that are rectangles or channels. The flagpole which leads to the flag should be unusually steep and last several days. Breakout upward 60% of the time.
We have also mentioned it on several analysis, that it is advisable all traders wait for the price to breakout out before taking a position.
VERDICT:
BUY: $3.816
SELL: $3.936 up to $4.11
STOP LOSS:$3.66
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.