My last chart didnt turn out as i thought it would, it's now clear that a ascending triangle almost fully formed. This is making me lean more to the bullish side, however i would still argue to trade with caution because we have moved up on relative small volumes. Typically, ascending triangles signals the end of a downtrend, a reversal. I have set my self up with a smaller position to see where we break off to, wherever we move next will be decided today.
Good luck trading
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Please note that ascending triangles are regardless of anything - continuation patterns, take that into account that the recent long term trend has been a decline, but I’m givning this formation a bullish star.
Lets go!
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700 broken, lets see how much upside we have ahead of us, reaching 750 should be a breeze, 800 will be next major resistance.
There is still some serious sellwall ahead. I fear that we have not enough volume to push fast to 750. I expect a range bound continuation between 680 and 720 within the next 24 hours. Maybe some first pushes to 740, but with strong sell activity.
ethhunter
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@Jbos865, Yes, I agree, it is a subject that i will cover in my next analysis !
alharbi.maher
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Thanks alot! Could you please tell us when to buy and what stop level?
Stop loss - It all depends on your risk tolerance when to stop out, personally I have set my stop loss to the very bottom of the triangle formation where we broke out right now, this can be changed at any time depending on my sentiment, but bare in mind that i have been on a long since around 500€ but stopped out once due uncertainty, other prefer to keep lower stops.
Regarding selling, personally I like to trade around resistance levels because it carries less risk, but be ware - you can get crushed in this market because a raging bull can be hard to stop sometimes.
I can't tell anyone what they should do, I always change my ideas and follow the market closely and change my rules accordingly.
Good luck
alharbi.maher
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@ethhunter, Thanks again! could you write down all support (resistance) levels as most analysis here are for $.