FlorinCoin has broken a descending wedge pattern. The 235 SMA (purple) found support on the 0.382 fib (A) when the wedge was entered. This fib has been key in the behaviour within the wedge (highlighted in blue).
A cup and handle was formed (B), with the right lip of the cup (C) and the handle (D) created by the wedge breaks.
Overall I am bullish, but I am also cautious due to the downward break of the 0.382 fib by the 235 SMA (E), and the pullback from the first wedge break.
Entry point at this price would allow for a 60% gain to the big even on the 0.786 fib, or an 80% gain to the 1 fib. Stop loss should be set 20% down, below the pull back price and beneath the big even of 0.000015.
A cup and handle was formed (B), with the right lip of the cup (C) and the handle (D) created by the wedge breaks.
Overall I am bullish, but I am also cautious due to the downward break of the 0.382 fib by the 235 SMA (E), and the pullback from the first wedge break.
Entry point at this price would allow for a 60% gain to the big even on the 0.786 fib, or an 80% gain to the 1 fib. Stop loss should be set 20% down, below the pull back price and beneath the big even of 0.000015.
Trade active:
Touch top of wedge