Crypto.com (CRO) Has Started Amazing Rally After The BreakoutBreakout the falling wedge:
On the daily timeframe chart, the price action of Crypto.com was moving in a falling wedge pattern since the month of March 2021. Finally, the price action broke out the resistance of this pattern on the 10th of June and re-tested the previous resistance of the falling wedge as support on 22nd June and move towards the upside.
After the break out the priceline also crossed up the exponential moving averages with the time period of 10 and 21. The exponential moving average 10 also formed a bull cross with the EMA 21 which is another bullish signal. Now the price line is back on these EMAs and testing them again as support.
Different indicators:
After 23rd May up till so far the relative strength index (RSI) oscillator is in an uptrend and if we watch the directional movement index then the ADX is down which is showing that the buyers and sellers are neutral. The volume oscillator it is triggered will the value of 20 and then 8 that is showing in nice buying volume.
Huge bullish BAT pattern:
On the weekly time frame chart, the price action has formed a big bullish BAT pattern. There is also 100 simple moving average support in the buying zone. The price line has moved up more than 29% since I have posted this bullish BAT pattern on 27th Jun.
The buying and sell targets as per the bullish BAT pattern can be:
Buy between: $0.10 to $0.0786
Sell between: $0.1524 to $0.2305
The maximum extent of potential reversal zone $0.0786 can be used as stop loss. As per the above targets, this trade has a huge profit possibility of 193%, and the loss possibility is 22%.
Conclusion:
Even though the price line has moved up more than 29% since I've posted the bullish BAT pattern a few days back. However, if the Bitcoin moves down to retest the $30000 support level then we can have another chance to buy the CRO from the buying zone of the bullish BAT. It is also possible that after the formation of such a huge harmonic pattern the priceline might break out the all-time high.
