Candlestick Chart + The moving average lines are contracted. + Track the price until it crosses either 50ema or 100ema lines. + It may test the level of 200ema to end its correction. + So, the levels of 1600 to 1626 may be tested to complete the correction.
Renko Chart (Brick Size = 7.5) + Fibonacci Retracement The price can test the level of 1626 which is 38% level of retracement.
Conclusion: 1. The coin is in the correction mode. 2. Wait for the correction to be completed.
Thanks Er. Simranjit Singh Virdi
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Support on 1687.50 is formed. And we can draw a triangular pattern by using this support level. We can also execute a long trade on the breakout of the triangle.
Renko chart (Brick Size = 3.75) This breakout will form 2 new bricks on the previous brick. By this 3 Green Bricks / Base zone will be structed.
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Got a breakout of the triangle. Total 2 Green Bricks are constructed after the reversal on Renko Chart
I executed a long trade on the level of 1700 with a stop level of 1685.50
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Accidentally I missed the target and stoploss. So, I reanalyzed the charts. 1) Price successfully tested its 200ema. 2) On Renko Chart Brick Size of 5 has constructed 5 green bricks. So, I hold my position with a new revised stoploss.