This price action seems to be respecting the low from 10 JUL 2018 and the high from 11 JUL 2018 forming an ugly symmetrical. I think that there is a pretty solid opportunity to claim about 4% gain with a purchase here with a very tight stop loss being a close over the light blue trend line that it is riding on.
With a close below the blue trend line, it more than like likely will fall into the descending triangle that is outlined in the red arrows.
Higher risk:
A buy as close the blue trend line as possible and follow it as a stop loss trend line up and claim some profits @ 0.00002440 and then sell rest as it breaks the trend. I have a strong feeling that the price will respect where the trend line and the Fib line intersect.
Conservative:
Wait for a close above the top blue trend line and follow the same game plan of securing some profits @ 0.00002440 and get rid of the rest as it breaks the trend.
When placing sell order to collect profits, keep in mind where the Fib line and trend line intersect. I have a strong feeling that the price will respect that level.
Big picture take:
Overall, it looks like we are stuck in a symmetrical triangle that just broke out of a descending triangle. I expect some back and forth consolidation action until around the 23rd or 24th of JUL. After there I am very bullish.
Remember, don't drink and trade...always ask someone to hold your beer first!
DYOR and goodluck!
With a close below the blue trend line, it more than like likely will fall into the descending triangle that is outlined in the red arrows.
Higher risk:
A buy as close the blue trend line as possible and follow it as a stop loss trend line up and claim some profits @ 0.00002440 and then sell rest as it breaks the trend. I have a strong feeling that the price will respect where the trend line and the Fib line intersect.
Conservative:
Wait for a close above the top blue trend line and follow the same game plan of securing some profits @ 0.00002440 and get rid of the rest as it breaks the trend.
When placing sell order to collect profits, keep in mind where the Fib line and trend line intersect. I have a strong feeling that the price will respect that level.
Big picture take:
Overall, it looks like we are stuck in a symmetrical triangle that just broke out of a descending triangle. I expect some back and forth consolidation action until around the 23rd or 24th of JUL. After there I am very bullish.
Remember, don't drink and trade...always ask someone to hold your beer first!
DYOR and goodluck!
Trade closed: stop reached:
Looks like it will be dropping down into the descending triangle.