COVBTC

COVBTC

PAIR:COVBTC

           PREVIOUS CHART

CUP and HANDLE pattern was spotted on the 16th of this April 2018, Which actually brought price to its current level.The cup and handle shown below lasted for 17days, and broke out to hit its target.
Price trend Upward leading to the pattern. Price should rise by at least 30% leading to the cup.
The shape should be A rounded turn that looks like a cup with a handle on the right.The cup should be U-shaped, not V-shaped and The cup must have a handle on the right.
Handle duration    1 week minimum but usually lasts 1 to 2 weeks. The Cup rims should be near the same price level.
Volume shape- Cups with U-shaped volume tend to perform better post breakout. SHOW BELOW:

CURRENT MOVE :

THE BULLISH FLAG PATTERN (RECTANGULAR SHAPE)

The bullish flag pattern is a powerful technical pattern that can develop from the lowest time frame possible (1-minute TF) all the way up to the monthly chart.
More, the bullish flag pattern is a universal pattern that can show up in all markets.Components of a Flag Pattern

    1- The flag pole
    2- The flag
    3- The continuation

 1- The Flag Pole

This is the initial move in price. It can be represented by either an uptrend (BULLISH)or a downtrend(BEARISH).
The angle of this move is irrelevant in terms of the validity of the flag pattern.
The distance of the move should be measured by calculating the previous swing high or low to the current swing high or low.
 
 2- The Flag

The flag formation is the key to this pattern. This is the point at which, after a strong move in price, the market consolidates for a period of time.
The length of time is irrelevant(most times Flags are short, less than 3 weeks long), however do note that longer consolidation periods tend to lead to more aggressive breakouts.

 3- The Continuation

At this point the market has finished consolidating and is now trending in the original direction.
Using the distance of the height of the flag , we now have a measured objective for a possible target (this continuation we will likely see as we wait for price to breakout of the flag). And lastly Volume trend Downward trend 71% of the time.

TECHNICALS suggests that price is ranging inside the rectangular flag, and waiting to breakout for a measured move up to 1.618fib extension. Buy only when price breaks out of the flag and closes outside it.

VERDICT:

BUY : buy the breakout price 0.00014397sats

SELL: 0.00018706sats

STOP LOSS: 0.00010837sats ( or hold for long term)

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL

 

 

 

 

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