MDA/BTC Daily Ichimoku and Bull flag analysis
Updated
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MDA/BTC has been forming a bull flag since the little push up it had. Supporting it now is the fact that the Kumo cloud is turning blue just about where the lagging span ( purple line ) will pop through the cloud. And since the Tenkan ( Yellow Line ) is above the Kijun ( Dark Blue line ) together with prices above the cloud, Ichimoku is pointing towards a nice upwards move with little resistance.
Take this together with the Bull flag and the odds are in our favor.
Leave some room for a fakeout to the downside which is quite common when a bull flag breaks to the upside. So I would put the stop as shown in the chart and put the take profits on the SSB ( red line in the cloud ) and Kijun flat levels up.
MDA/BTC has been forming a bull flag since the little push up it had. Supporting it now is the fact that the Kumo cloud is turning blue just about where the lagging span ( purple line ) will pop through the cloud. And since the Tenkan ( Yellow Line ) is above the Kijun ( Dark Blue line ) together with prices above the cloud, Ichimoku is pointing towards a nice upwards move with little resistance.
Take this together with the Bull flag and the odds are in our favor.
Leave some room for a fakeout to the downside which is quite common when a bull flag breaks to the upside. So I would put the stop as shown in the chart and put the take profits on the SSB ( red line in the cloud ) and Kijun flat levels up.
Note
If you like my ideas and the work I do, please check out the links in the signature and give me a like ;). Nice breakout! The easy play would be to take a certain volume of in profit, move the stop to break even, and let the rest play out.
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