Trading sideways on previous support + double bottom on 5RSI moving average on daily chart:
On the published chart note the huge descending triangle, higher lows on 5RSI moving average, very low volatility on ATR. ETC recently traded in this same pattern and broke out to the upside. ETC and LTC also led BTC’s bull run by about two months.
Descending triangles are typically continuation patterns but I think this is worth taking a stab at given the risk:reward outlined with support and resistance levels. I’m long with an upward cross on the 5RSI, close on top of the 50 MA, and price exceeding that close. Stop will be at 1.5x ATR, first take profit at 1x ATR, and 1.5x ATR following stop from there until it gets hit.
On the published chart note the huge descending triangle, higher lows on 5RSI moving average, very low volatility on ATR. ETC recently traded in this same pattern and broke out to the upside. ETC and LTC also led BTC’s bull run by about two months.
Descending triangles are typically continuation patterns but I think this is worth taking a stab at given the risk:reward outlined with support and resistance levels. I’m long with an upward cross on the 5RSI, close on top of the 50 MA, and price exceeding that close. Stop will be at 1.5x ATR, first take profit at 1x ATR, and 1.5x ATR following stop from there until it gets hit.