XEMBTC Bull Flag|Ascending Triangle

3 mar 2020

XEMBTC

Evening Traders!

Today’s update will be on XEMBTC – trading at the top of its potential ascending triangle in a bull flag formation.

Points to consider,
- Trend respecting ascending support
- 200 MA broke (S/R flip)
- Structural Resistance zone to close above
- RSI respecting Support
- Stochastics bouncing
- Volume profile climax evident

The trend is respecting its ascending support, putting emphasis on the ascending triangle formation, which tends to be a bullish pattern.

The 200 MA broke witch convincing volume, this average was a staunched resistance. Structural resistance on the other hand is to be closed above, this will negate overall bearish structure.

RSI is respecting support, close below its trend line will increase a bearish bias. The stochastics is in the lower regions where it can stay trading for a while, however lots of stored momentum to the upside.

Volume profile climaxes are evident, suggesting that XEMBTC is in a true trade location, an impulse move is likely.

Overall, in my opinion, if this bull flag comes to fruition, XEMBTC is likely to reach its technical target as structural resistance will be negated.

What are your thoughts?

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And remember,

“Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.”
― Yvan Byeajee