OP Looking for a Bullish Breakout
OP has consolidated since January and held price levels above the $2.00 price range. The following factors present the bullish case presented in the measured move:
- Falling Price with falling volume suggests a lack of bearish momentum
- Inverted Head and Shoulder pattern is one of the highest probability structures in trading with around a 90% success rate. Measured move is around the $3.50 range
- Falling wedge pattern has consolidated price nicely and signals for a bullish continuance. Measured move is $4.61
- Hidden Bullish Continuation divergence suggests the long time frame bullish trend is likely to continue.
- Weekly Stoch RSI has reset below 20 with price remaining high suggesting another move up is likely
- 3D Stoch RSI is pointing upwards. Likely to break downward trendline (Bullish) this week or early next week.
- Several bounces off 50% Fib level suggest strong support levels
Overall set-up for a 5x long with a price target of $4.61 suggests an upside of 481.7% and a stop loss around $1.975. Risk to reward of 6.11 on a high probability set-up.
- Falling Price with falling volume suggests a lack of bearish momentum
- Inverted Head and Shoulder pattern is one of the highest probability structures in trading with around a 90% success rate. Measured move is around the $3.50 range
- Falling wedge pattern has consolidated price nicely and signals for a bullish continuance. Measured move is $4.61
- Hidden Bullish Continuation divergence suggests the long time frame bullish trend is likely to continue.
- Weekly Stoch RSI has reset below 20 with price remaining high suggesting another move up is likely
- 3D Stoch RSI is pointing upwards. Likely to break downward trendline (Bullish) this week or early next week.
- Several bounces off 50% Fib level suggest strong support levels
Overall set-up for a 5x long with a price target of $4.61 suggests an upside of 481.7% and a stop loss around $1.975. Risk to reward of 6.11 on a high probability set-up.
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