Sunday technical analysis shows a beautiful bull channel forming and we are currently testing support levels.
The risk in such scenarios is minimal and risk/reward is relatively high.
In addition we can see a bullish inverted hammer has formed on the level of support.
Progression on Trade deal for Brexit should add to EUR strength the coming months. in addition, ECB tapering signals strengthened economy while Japan is in dangerous territory with North Korea war scenario.
-Long term trendline has been confirmed and the pound has been hitting new higher highs.
-It seems to be a cup and handle pattern and it similarly appeared in the previous high as well.
-RSI is close to neutral - sloping upwards which gives a bullish signal.
The pound has been positively reacting with news on Brexit progression talks where as the US has been ...
There are two possible plays on LISK-BTC either the head and shoulders completes formation and we get a further drawdown (note that there's already negative momentum) OR we can see a bounce off the long term trendlines with a bounce off the parabolic trendline off the RSI. Comment on how you guys think it will play out!
There is a dual scenario, which is hard to tell at this time which way it will play out. Parabolic trendline on RSI shows positive momentum, however, the Head and Shoulders pattern may be in the making. In addition, major trendlines are about to be reached. - What do you guys think?
If the 23.6 Fibo range is breached and the asset closes a full day over that level, It suggests a significant possibility of a long entry. It has also breached the long term downtrend and its time to see it pop.