THE DESCENDING CHANNEL
A descending channel is used in technical analysis to show a downward trend in a price series. It is formed from two negative sloping trendlines drawn above and below a price series.
The price trend leading to the channel can be from any direction. The two trendlines should be parallel or nearly so. Both should tilt downward.
Price should touch each trendline at least twice as distinct peaks or valleys.
Breakout occurs when price closes outside the trendline boundary and can be in any direction. For a down sloping channel the breakout would be upward. As we have always mentioned "ALWAYS WAIT FOR A BREAKOUT OUT"
VERDICT:
BUY: $0.30025
SELL:$0.30644 up to $0.31890
STOP LOSS: $0.29218
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
A descending channel is used in technical analysis to show a downward trend in a price series. It is formed from two negative sloping trendlines drawn above and below a price series.
The price trend leading to the channel can be from any direction. The two trendlines should be parallel or nearly so. Both should tilt downward.
Price should touch each trendline at least twice as distinct peaks or valleys.
Breakout occurs when price closes outside the trendline boundary and can be in any direction. For a down sloping channel the breakout would be upward. As we have always mentioned "ALWAYS WAIT FOR A BREAKOUT OUT"
VERDICT:
BUY: $0.30025
SELL:$0.30644 up to $0.31890
STOP LOSS: $0.29218
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.