CRO/USD descending broadening wedge!
Updated
I really enjoy looking for charts that most people might miss. The Crypto.com token chart currently doesn't have as much data as I would like to see in general, but it still has peaked my interest. Lets look at this chart from a TA/FA point of view, and remember my last call recently sky rocketed, can I do it again?
Firstly the EMAs will not be a sufficient indicator to look at because this chart is too new, though we do notice all other indicators looking interesting. The RSI is very low, definitely in an area I like to buy at (buy low sell high remember). The MACD is showing that selling pressure is subsiding and traders/investors are putting in buys. We also see that since the low of Sep 3rd this year we have been creating a descending broadening wedge which is generally a bullish pattern suggesting a reversal to the up side. I like this pattern because it's very mature (about 3 months long), in relation to the charts beginning.
From a fundamental point of view we know that crypto.com is going to use the CRO token to power it's new exchange coming out in the beginning of December this year. It will give traders a discount on trading and have trading pairs for the initial listed coins, which will give CRO a lot more utility than it's ever had. In the future CRO will also be used to purchase newly released projects that list their coins/tokens with Crypto.com. We have to take BTC into consideration though, if it crashes/ falls then we will more than likely see a better buying opportunity, but if it stays stable or goes up it will give CRO room to grow.
Just a chart to think about or keep in the back of your mind for the future. Also you can buy other projects tokens on this custodial exchange like Matic and Cardano which are very popular these days.
My first bullish target would be at the top of the wedge around .34-.35 and if it breaks out then my next target would be around .47. If we break down I'll have my stop loss under the wedge to cover me. If you want to use my referral to sign up for crypto.com it is h6xsf7vf8g, best wishes to all.
Firstly the EMAs will not be a sufficient indicator to look at because this chart is too new, though we do notice all other indicators looking interesting. The RSI is very low, definitely in an area I like to buy at (buy low sell high remember). The MACD is showing that selling pressure is subsiding and traders/investors are putting in buys. We also see that since the low of Sep 3rd this year we have been creating a descending broadening wedge which is generally a bullish pattern suggesting a reversal to the up side. I like this pattern because it's very mature (about 3 months long), in relation to the charts beginning.
From a fundamental point of view we know that crypto.com is going to use the CRO token to power it's new exchange coming out in the beginning of December this year. It will give traders a discount on trading and have trading pairs for the initial listed coins, which will give CRO a lot more utility than it's ever had. In the future CRO will also be used to purchase newly released projects that list their coins/tokens with Crypto.com. We have to take BTC into consideration though, if it crashes/ falls then we will more than likely see a better buying opportunity, but if it stays stable or goes up it will give CRO room to grow.
Just a chart to think about or keep in the back of your mind for the future. Also you can buy other projects tokens on this custodial exchange like Matic and Cardano which are very popular these days.
My first bullish target would be at the top of the wedge around .34-.35 and if it breaks out then my next target would be around .47. If we break down I'll have my stop loss under the wedge to cover me. If you want to use my referral to sign up for crypto.com it is h6xsf7vf8g, best wishes to all.
Trade active
I am still tracking this trade. I can see that we are now starting to see positive momentum after a low volume break of the bottom of the descending broadening wedge. We can view this positive momentum best on the 1H CRO/USD chart, where the EMAs are starting to cross above each other. Also on the 1D we can see the MACD supporting the narrative that selling pressure has subsided and buying pressure is present. Though we must understand that the exchange just launched earlier today, this could be a brief pump on initial excitement and also BTC could correct bringing the market down further. I can also see that BTC may stay range bound (sideways) which may allow CRO to reach our targets above. All in all there is still much more to be released for CRO this month so CRO is worth keeping an eye on.Comment
Trade still in progress and moving to our intended targets.Trade active
We are moving towards the top of the descending broadening wedge we either have a breakout upwards or hit heavy resistance, I imagine we break upwards if BTC continues to rally or stays steady. If BTC starts to break back down I see traders taking short term profits in this area.BTC still rules. 1st target almost reached.
Trade closed: target reached
Final target hit, another double your money chart! Thanks for all the likes hopefully everyone took profits and will buy back in where it's appropriate for you. I think CRO is a very bullish chart for 2020.
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