spacemonkeey

Stellar forming ascending triangle

BITTREX:XLMBTC   Lumen / Bitcoin
My previous post, I mentioned we were in a bullish flag . That doesn't seem to be the case anymore. Our bullish flag has changed to an ascending triangle , which signals potential bearish activity. Therefore, long has changed to short.

I intend on setting stop-losses along the triangle's support line and sliding them up as long as the price does not break the line.
Komen: Apologies. I mentioned this was an ascending triangle. It's a rising wedge, which indicates a reversal. As assumed, we broke the wedge to downside. Also have closed below the 55 EMA, a strong sign we will continue downwards for the time being.

snapshot
Komen: Consider setting stop loss at 1405 and riding this one down.
Komen:
snapshot


RSI has bounced off support three times in a row. This may be the end of this short-lived dip.
Thanks for a great analysis! Please let us know if anything changes here.
Balas
As assumed, we broke the triangle to downside. Also have closed below the 55 EMA, a strong sign we will continue downwards for the time being.

snapshot
Balas
An ascending triangle in an uptrend is a continuation bullish pattern, not a bearish signn. Furthermore I don't expect a reversal to happen right now.
Balas
spacemonkeey PRO BudySutjijati
@BudySutjijati, I truly wish that were the case. However we have had strong push back since last night (12 hours or so ago,) and all indicators point to bearish activity.
Balas
BudySutjijati PRO spacemonkeey
@spacemonkeey, you're right. On the daily chart I can see it's oversold at the moment. Thanks!
Balas
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