Bullish clues:
- Sharp drop since March 2021 (3 months), which could be corrected
- Volume is declining since May 12, 2021 (1 month)
- Historical support at 0.69200 reached
- Formation of a diamond bottom
- Break of the Ichimoku cloud at the twist and break of the Tenkan Sen and Kijun Sen
- Relative Strength Index (RSI) > 50
Position taking advice:
Option #1:
Take position right away, take part of the gains when the price reaches the resistance at 0.69719 and let the position run.
Option #2:
Wait for the break of the 100 exponential moving average and confirmation of the diamond bottom.
Objective:
The price could come back to the resistance at 0.70200 if the diamond bottom is confirmed. This level also corresponds to the R2 resistance point of the Standard Pivot Points.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Sharp drop since March 2021 (3 months), which could be corrected
- Volume is declining since May 12, 2021 (1 month)
- Historical support at 0.69200 reached
- Formation of a diamond bottom
- Break of the Ichimoku cloud at the twist and break of the Tenkan Sen and Kijun Sen
- Relative Strength Index (RSI) > 50
Position taking advice:
Option #1:
Take position right away, take part of the gains when the price reaches the resistance at 0.69719 and let the position run.
Option #2:
Wait for the break of the 100 exponential moving average and confirmation of the diamond bottom.
Objective:
The price could come back to the resistance at 0.70200 if the diamond bottom is confirmed. This level also corresponds to the R2 resistance point of the Standard Pivot Points.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade closed: stop reached:
Diamond bottom invalidated