$Monaco finally broken out with big impulsive move | Bullish Flag Pattern in formation

cryptokraze (72)in #bitcoin • 7 years ago

CryptoKraze here

In this post I am going to cover technical analysis of $Monaco for Mid-Short trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of $Monaco.

Possibility on 1 hour Chart

If you look at 1 hour chart, you will see $Monaco has made a big impulsive move and now it has to form a bullish flag. This is very common pattern in crypto currencies, whenever a coin breaks with big impulsive move, it pulls back and wait for some time before making next impulsive move. If we look at RSI, it has gone above 70 level in first impulsive move and has to dip to 50 level now, so we have pull back done and next impulsive move is ready. If we look at bollinger bands, the price has touched upper bands and now it will reach median line and then break above.

I have a buy entry at 0.00124000 with my profit target will be around 0.00248000 or above.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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