After dropping down to 13usd on the 1st of April 2018(which is a major support level) price has move up currently holding at 22.135usd with a resistance at 23.4usd.
To determine trend in price and its possible move, a chart pattern has being spotted on the 4hours time frame.
THE CUP and HANDLE CHART PATTERN.
The cup and handle chart pattern is a bullish pattern tht takes up to minimum of 7weeks to be completed.
The Cup with Handle is a bullish continuation pattern that marks a consolidation period followed by a breakout.
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,The cup must have a handle on the right.(Cup duration From 7 to 65 weeks and the Handle duration 1 week minimum but usually lasts 1 to 2 weeks)
Volume shape - Cups with U-shaped volume tend to perform better post breakout.
Technicals suggest a strong bullish flip to the up side as the cup and handle patterns breaks out and closes out the pattern.
BUY: 23usd( when price closes outside the handle)
SELL: 28usd, 30usd and 34usd
STOP LOSS: 19usd
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.