If you want to enter to this market, I recommend you two things: First, wait for MACD´s inflextion point, which means the point where change its direction (from down to up, I will try to update this post when that occurs anyway), and second, wait for a price bounce of the new possible tendency line (the white one). This bounce -and brekaout- must be accompained by a big increment. Those are exactly the criterions we have to keep in mind to confirm this pattern. If bounce doesn´t occurs, this analysis will not still being valid and we will have to wait for more market info.
TakeProfit 1: 0.00003245
TakeProfit 2: 0.00003845
Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)
Pennant Pattern - How does it works?
Well, in first place you have to know this kind of pattern is a continuation pattern. It always has to be preceded by a big price movement (which is exactly what we can observe in Stellar's chart), and it is created like a little pause in the -or bearish- movement (as you can see this a ). Once it is broken, we can expect another big movement equal to the pole´s height. You have to know is also an important indicator to confirm this pattern. When a pattern formation is taking place, has to start decreasing, which is exactly what we can see. On the contrary, when the breakout occurs, has to increase a lot.
Are you interested in Technical Analysis?
I recommend you the John Murphy´s book: of Financial Markets. It is a great introductory book.
Do you want me to analyze an specific coin?
I'm all ears, please contact me :)
If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
Do you have any TA on LSK/BTC ? They have couple of good news in near future.. And volume looks on charts.. It would be great to hear about this :)