CMF, Stoch RSI and ADX indicators suggest there is a strong bullish action on the market. After a surge yesterday, CVC is developping a pennant on decreasing volume which is an indication of a possible breakout. Conservative buyers should look for the resistance to be broken on high volume with the sell target at 0.000155-0.000165 BTC.
Thoughts are welcome. Please point out any mistakes in my analysis. Have I overlooked something?
Thoughts are welcome. Please point out any mistakes in my analysis. Have I overlooked something?
Comment:
To all those still watching this, the pattern hasn't been broken yet. The shape of the flag and the volume do not preclude a possibility of an upwards movement. However, watch out for the previous resistance line (current support) to be broken as it has approached it once already. If broken, I would still watch it but be a lot more skeptical.