Looking at the 1 day chart shows a clear bear flag forming over the past months.
Criteria to enter trade:
Clear break of lower (red) long term support line.
This is an ideal situation to use a Sell Stop Order (where a short order is placed in book at a price below the current market price)
Once support is broken looking for a $1.95 ...
Descending triangle is an indicator of a continuation pattern during a downward trend.
1.Buy the clear break below the lower support
2. Buy the clear break and retest of lower support on a smaller time frame
Target marked in green
Looking for a completion of this bullish bat pattern, finishing in the Yellow Box.
You can also see an ascending triangle painting on the chart - a clear break from the lines in green would confirm the continuation of an upward trend.
slight RSI divergence. 60/40 SHORT
Trade with caution!
I have been tracking this stock over the past couple years. There is alot of fundamental FUD and FOMO going on. Some therorize XXII is under investigation for claims regarding invalid results of some of XXII's products.
Scrolling back you can see XXII painted a similar situation before plummeting in price.
A clear break of the support line in blue would ...
Falling wedge is generally a bullish pattern signaling that we will likely see the price break upwards throught the wedge and move into an uptrend. The trend lines of this pattern converge, with both being slanted in a downward direction as the price is trading in a downtrend.
Target marked in YELLOW.
If we were to see a violation of the lows (RED LINE) of this formation then the prediction would be a bearish breakout back to last years support of around ($3000)
Tips on how to trade this pattern:
1 - Positioning yourself in anticipation of the breakout.
2 - Positioning yourself during or directly after the breakout
3 - Waiting for the confirmed breakout ...
Overall this is the best mid term situation for Bitcoin.
If the bulls manage to drive the price all the up into our entry zone I think it will be short lived.
Entry - Stop loss - Targets (all marked on the chart)
Typically this is a trend continuation pattern in which we wait the breakout of resistance line(top line) to buy the market.
The ascending triangle by itself does not predict bullish impulse, however bullish a break and close above structure
is very good indicator to make a decision.