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.
Thanks for the analysis. Do you think it will remain bullish?
Az_am_I
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No problem @xandro101. I have my doubts, due to the cross of the 235SMA through the key fib indicated by E, as well as the pull back from the initial break of the wedge. However, the second break of the wedge, and the current support of price on the top of the wedge, as well as the cup formation are good signs. Overall I see more positive signals than negative, but the high volatility of this token makes it a high risk trade, which is why the stop loss is set lower than usual.