$Monaco is forming Bullish Flags | Good to Buy for Scalping

cryptokraze (72)in #bitcoin • 7 years ago

CryptoKraze Technical Analysis

Hey folks, @cryptokraze here and I am going to cover technical analysis of $Monaco for 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 an impulsive move and now it is forming bullish flag. This is very common pattern in cryptocurrencies, whenever a coin breaks with big impulsive move, it pulls back and waits 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 close to 50 level now, so we have a pull back done and next impulsive move is ready.

I have a buy entry at 0.00092000 with my profit target around 0.00105000 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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