Chart patterns formed:
-Falling wedge
-Double bottom
I will be keeping an eye on this pair throughout the week for price to break out of the falling wedge and above the 200SMA before looking for possible long positions for the start of a new uptrend.
This trade idea also gives me confirmation for my cup & handle idea I posted a couple of weeks ago.
The confirmations I will be looking out for:
-Upside breakout & retest of the falling wedge
-A clear break and retest of the double bottom neckline
-Price to break above the 200SMA and find support
-Bullish candlestick formations on multiple timeframes
-Falling wedge
-Double bottom
I will be keeping an eye on this pair throughout the week for price to break out of the falling wedge and above the 200SMA before looking for possible long positions for the start of a new uptrend.
This trade idea also gives me confirmation for my cup & handle idea I posted a couple of weeks ago.
The confirmations I will be looking out for:
-Upside breakout & retest of the falling wedge
-A clear break and retest of the double bottom neckline
-Price to break above the 200SMA and find support
-Bullish candlestick formations on multiple timeframes