The Inverted Roof chart pattern
This chart pattern look more like the roof of a building turned upside-down. Price trend leading to the chart pattern is down.
The Shape has a horizontal or near horizontal top with a V-shaped bottom, making the entire structure look like the bottom half of a diamond.
The best performing inverted roof chart patterns appear after a sharp rise like you sometimes see in diamond top chart patterns.
The two halves of the inverted roof chart pattern should appear symmetrical. Allow variations, but most look like a V with price touching the horizontal top often. The pattern confirms as valid when price closes outside the chart pattern trendline boundary.
A strong downtrend usually follows a sharp uptrend, returning price back to (or slightly above) the launch point.
Wait for confirmation before placing a trade because the breakout can be upward or downward.
VERDICT:
BUY: $0.34794
SELL:$0.37495 up to $0.39790
STOP LOSS:$0.318930
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
This chart pattern look more like the roof of a building turned upside-down. Price trend leading to the chart pattern is down.
The Shape has a horizontal or near horizontal top with a V-shaped bottom, making the entire structure look like the bottom half of a diamond.
The best performing inverted roof chart patterns appear after a sharp rise like you sometimes see in diamond top chart patterns.
The two halves of the inverted roof chart pattern should appear symmetrical. Allow variations, but most look like a V with price touching the horizontal top often. The pattern confirms as valid when price closes outside the chart pattern trendline boundary.
A strong downtrend usually follows a sharp uptrend, returning price back to (or slightly above) the launch point.
Wait for confirmation before placing a trade because the breakout can be upward or downward.
VERDICT:
BUY: $0.34794
SELL:$0.37495 up to $0.39790
STOP LOSS:$0.318930
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.