Looking at our higher timeframe we can see price has formed a descending pennant respecting structure. Inside pattern we see a Higher High an Higher low formed. Last week’s high still holding (0.00043500) Stochastic RSI showing momentum heading towards upside.
Taking it down a timeframe we an see daily resistance @ 0.00040000 shortly followed by support @ 0.00032900. Price had previously broken out of an ascending triangle from April 4th —April 10th (0.00025000—0.00028000). Stochastic RSI showing us momentum wants to head down. If price does not hold at this level expect price to retrace to it’s breakout zone. @ 0.00028000
Shifting over to our pattern timeframe we an see a nice bullish trend was start on April 2nd, and has remain intact since then. Price forming triangle breakout pattern. Stochastic RSI showing momentum wants to head towards the upside. Support looks to be holding @ 0.00033000, break and close above 0.00035000 activates long trade.
Finally taking a look at our trigger timeframe we get a better look inside or triangle breakout patten. A break and close above 0.00034700 on the hourly and we will be seeing leg 2 of the bullish wave.
