1. There is obvious forming of ascending triangle with higher lows as circled in the chart
2. Each of these lows are supported on the trend line
3. On top of this the current candles are in consolidation and the 20 EMA which supports it adds more confluence for a potential breakout towards upward trend
4. MACD and ATR both shows low volatility and it is the best price to buy now for those who seek for capital appreciation
5. Golden cross is tested where 50 EMA is close to crossing above 200 EMA and it signals a strength of upwards trend, this better supports the upward breakout that is about to happen
6. Bollinger indicator shows the current consolidation to be very thin and this signals a potential breakout that will happen soon.
2. Each of these lows are supported on the trend line
3. On top of this the current candles are in consolidation and the 20 EMA which supports it adds more confluence for a potential breakout towards upward trend
4. MACD and ATR both shows low volatility and it is the best price to buy now for those who seek for capital appreciation
5. Golden cross is tested where 50 EMA is close to crossing above 200 EMA and it signals a strength of upwards trend, this better supports the upward breakout that is about to happen
6. Bollinger indicator shows the current consolidation to be very thin and this signals a potential breakout that will happen soon.
- Buy at current price of $5.92 USD
Set stop loss at $5.59 USD( using 2 ATR below the recent previous low price)
Exit trade near current resistance or use fib extension which indicates $6.64 USD