-the bulls breaks above a mid resistance level of a rising channel, but are we looking at a real breakout or it's a fakeout, now if you compared this breakout with the previous ones you'll notice that the price retest the resistance area and bounce up, not crushed down like the others
- And as y’all probably know, one of the more conservative ways to play an ascending channel is to look for opportunities to go long when the pair is at or close to the channel’s support line, but here we could have a chance to go long from this area.
- We should wait to have more signals to go long like bullish engulfing or other bullish candlestick patterns, and wait till RSI across 50 heading north this indicate that momentum is increasing.
- Buying at current levels could still get you a pretty sweet deal especially if you aim for the previous highs near 1.3500 to resistance line of the channel.
- Whichever direction you favor, make sure you practice good risk management when you do take your trades.
Best of luck Brothas!
- And as y’all probably know, one of the more conservative ways to play an ascending channel is to look for opportunities to go long when the pair is at or close to the channel’s support line, but here we could have a chance to go long from this area.
- We should wait to have more signals to go long like bullish engulfing or other bullish candlestick patterns, and wait till RSI across 50 heading north this indicate that momentum is increasing.
- Buying at current levels could still get you a pretty sweet deal especially if you aim for the previous highs near 1.3500 to resistance line of the channel.
- Whichever direction you favor, make sure you practice good risk management when you do take your trades.
Best of luck Brothas!