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Chart has allowed us to spot a Ascending triangle pattern on 4h candles. Price action has bounced off Ichimoku cloud and MA 50 which supports further upward movement. Histogram of MACD indicator is switching it's direction towards up side which can be viewed as a bullish signal. You have to keep in mind that actual market condition isn't very supportive for day trading.
Position should be entered above Resistance Zone marked on the chart, approximately @0.0029 with stop loss @0.002766 and two profit targets #1 @0.00319 #2 @0.00345
Remember you are solely responsible for your trading and investing decisions.
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Please look at our new short version of this currency.
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Long trade was cancelled, short position was triggered.
I see it breaking your ascending triangle but it is going to bust out of the bottom going lower. Way to stay positive though...
MandMTrade
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@kryptikjim, Hi!
Technical Analize is defining triangle patterns as trend continuation/reversal patterns. It is perfectly fine to open short position after it will break the bottom. Short position should be opened below MA50, the formation range is fitting perfectly to the level of 0.382 Fibonacci from the whole upward movement at 0.002148 which can be defined as strong support line. Thanks for your opinion and watch for our update!