Setting Up for Bullish Pennant Breakout
The move from point 1 to point 2 creates a strong impulse leg. There after we see a bullish pennant forming which is a continuation pattern signalling that further upside is likely. Look to enter after the break of the upper pennant trend line, which sure be accompanied by a volume spike. Note that the volume has been falling during the formation of the pennant as expected. The length of the movement from point 1 to point 2 gives us a target when projected upward from the breakout point (approx 0.00000815). This also coinsides with the 1.618 fibonacci extention of the impulse leg point A to point B. Further upside is limited by upper resistance created by previous highs. Place a stop loss just below point B as this is a significant previous high and would signal a move below the base of the pennant. This trade offers a risk reward ratio of 1:2.5.
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