Continuation from my analysis here:
Reversal formation is getting more obvious now. A bull flag pattern is observed on 4H timeframe. I'm expecting the price to fall down 1 more time before breaking the flag channel, and possibly heading towards $2.8 - $2.83 zone. The previous lower low has been broken and I think we are in a good course for uptrend.
Reversal formation is getting more obvious now. A bull flag pattern is observed on 4H timeframe. I'm expecting the price to fall down 1 more time before breaking the flag channel, and possibly heading towards $2.8 - $2.83 zone. The previous lower low has been broken and I think we are in a good course for uptrend.
Trade active:
Looks like the lower channel of the flag has been broken down. Interestingly, the big red candle observed didn't make a new lower low so I'm still holding the position and interested to see where it is heading to now.
Trade closed manually:
It seems to by my sole mistake that I interpret this chart pattern as bull flag, although apparently it isn't. And judging from the price movement in hourly chart, I don't have any faith that this will go even higher. Closing the trade with losses for now.