The coin broke the upper trend line of the last week ascending triangle which led to uptrend movement towards the distribution territory of $151.
By Azeez Mustapha
Updated
2 mins read
Distribution Territories: $151, $184, $214
Accumulation Territories: $130, $120, $110
The price formed “Ascending Triangle” pattern last week, which connotes an upward breakout. The coin was able to break the last week distribution territories of $110, $120 and $130.The price rallied with the formation of strong bullish candles. It made the price to continue upwards trending on the daily chart. The 4-day EMA has crossed the 50-day EMA upward on the daily chart with the price on the top of the 4-dayEMA. The price is moving away from the 50-day EMA on the Daily chart suggesting further upward movement.
The price is exposed to a distribution level of $151.4 and a bearish retracement is possible which may be temporary. Should the distribution level of $151 get broken, the pair will get exposure to another strong distribution level at $184. The MACD, with its histogram above the zero level, and the signal lines pointing upwards, indicates that the price may go upwards further.
The “Ascending Triangle” pattern formed last week on the 4-Hour chart which indicates that there was a probability for the price to breakout at upper distribution territories. The coin broke the upper trend line of the triangle which led to uptrend movement towards the distribution territory of $151. The 4-day EMA is above the 50-day EMA and the price is above 4-day EMA, suggesting a further increase in price. Taking long position this week may deliver some green pips.
Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
