cubantobacco

FTCBTC Short Term Potential Breakout (58%+)

POLONIEX:FCTBTC   Factom / Bitcoin
Ascending triangle pattern with potential breakout after 0.0052 resistance on volume .

T1: 0.0063 (21%)
T2: 0.0074 (42%)
T3: 0.0082 (58%)

Steep trend angle could see higher degree of failure. Failure to breakout of resistance will see price collapse to 0.236 fib and previous trend line at 0.0042.

Buy recommendation entry only on breakout.

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Ascending Triangle

The ascending triangle is a bullish pattern , which gives an indication that the price of the security is headed higher upon completion. The pattern is formed by two trendlines: a flat trendline being a point of resistance and an ascending trendline acting as a price support.

The price of the security moves between these trendlines until it eventually breaks out to the upside. This pattern will typically be preceded by an upward trend, which makes it a continuation pattern; however, it can be found during a downtrend.

As seen above, the price moves to a high that faces resistance leading to a sell-off to a low. This follows another move higher, which tests the previous level of resistance. Upon failing to move past this level of resistance, the security again sells off - but to a higher low. This continues until the price moves above the level of resistance or the pattern fails.

The most telling part of this pattern is the ascending support line, which gives an indication that sellers are starting to leave the security. After the sellers are knocked out of the market, the buyers can take the price past the resistance level and resume the upward trend.

The pattern is complete upon breakout above the resistance level , but it can fall below the support line (thus breaking the pattern), so be careful when entering prior to breakout.
Bình luận: Price is sitting on the trend line. A brief break down but we saw that on the 22nd December, and the positive trend remained in tact.
Tự đóng giao dịch: Price collapsed through the previous trend line. Wait for confirmed consolidation before looking at entry.
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