Potential W pattern. We still are in the rally. MACD cross.
Long trade opportunity: -Entry=16.2 -Profit target=20.8 -Stop Loss=14.9
If we break the black line resistance, we should see strong buy to confirm the pattern.
Trade active
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16.2 act as a support
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Bullflag pattern forming, the same as Bitcoin. RSI shows bearish divergence on the hour-chart, that could lead to a fail of the W pattern. Conclusion : if the bull flag breaks down and fail, then we would retest blue channel support and the principal maroon trend line of the rally.
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We failed one breakout because of small volumes. Now we see a breakout on the 4-hour chart, but we need a clear increase of volume to confirm the pattern.
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Pattern confirmed. 16.060 support broken with a green candle with great volume. W pattern seemed to be confirmed, bulls would buy more soon.
Profit target : 20.8 but you could put another one smaller to save profits.