Long CRO/USDT. Descending wedge breakout
CRO broke out of a daily descending wedge pattern after bouncing off strong support at 0.3197 level. Descending wedge patterns are one of my favourite chart patterns as there is a strong push when they do breakout.
0.3197 has been an area of demand for CRO as it has been tested a few times previously but did not break.
There is also support at 0.4 area (both a psychological level and support line), and I would like to see it hold before it continues up. If it does not, there could be a possible retest of the breakout area which is the trend line before we see more buyers come in.
I would like to see CRO break above 21EMA with VOLUME when it does go up, a strong indicator that there would be more possible upside.
0.3197 has been an area of demand for CRO as it has been tested a few times previously but did not break.
There is also support at 0.4 area (both a psychological level and support line), and I would like to see it hold before it continues up. If it does not, there could be a possible retest of the breakout area which is the trend line before we see more buyers come in.
I would like to see CRO break above 21EMA with VOLUME when it does go up, a strong indicator that there would be more possible upside.
Trade active:
0.4 level held, and we saw a morning star candlestick pattern (bullish pattern) form at this 0.4 level.
CROUSDT has closed above 21EMA and even 50EMA.
Looking for more upside if it can close above 0.48 level, a strong resistance level.
CROUSDT has closed above 21EMA and even 50EMA.
Looking for more upside if it can close above 0.48 level, a strong resistance level.