Price consolidating inside the pennant flag pattern(on the 13th day), a marginally respected down-sloping resistance has held price down since on the 6th of April 2019 till date.
The volume which plays a vital role in the price breakout, has reduced and most likely expect a breakout soon.
A bullish pennant is almost identical to a symmetrical triangle.The only difference is the time span. Whereas a symmetrical triangle can last a couple of months, the pennant usually does not last longer than three weeks or lesser. Because the pennant often happens at the midpoint of a trend.
To play safe in a bullish flag, we advise traders to wait for the formation of three valleys. For a buy signal, the closing price has to be above
the resistance line.
LONG:
Buy:$84.14
Sell:$89.21 up to $123.41
Stop loss:$73.2
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. The high degree of leverage can work against you as well as for you.
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
The volume which plays a vital role in the price breakout, has reduced and most likely expect a breakout soon.
A bullish pennant is almost identical to a symmetrical triangle.The only difference is the time span. Whereas a symmetrical triangle can last a couple of months, the pennant usually does not last longer than three weeks or lesser. Because the pennant often happens at the midpoint of a trend.
To play safe in a bullish flag, we advise traders to wait for the formation of three valleys. For a buy signal, the closing price has to be above
the resistance line.
LONG:
Buy:$84.14
Sell:$89.21 up to $123.41
Stop loss:$73.2
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. The high degree of leverage can work against you as well as for you.
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