Bull Flag Formation Observed on 4H Timeframe
Continuation from my analysis here: 
Reversal formation is getting more obvious now. A bull flag pattern is observed on 4H timeframe. I'm expecting the price to fall down 1 more time before breaking the flag channel, and possibly heading towards $2.8 - $2.83 zone. The previous lower low has been broken and I think we are in a good course for uptrend.
Reversal formation is getting more obvious now. A bull flag pattern is observed on 4H timeframe. I'm expecting the price to fall down 1 more time before breaking the flag channel, and possibly heading towards $2.8 - $2.83 zone. The previous lower low has been broken and I think we are in a good course for uptrend.
Trade active
Looks like the lower channel of the flag has been broken down. Interestingly, the big red candle observed didn't make a new lower low so I'm still holding the position and interested to see where it is heading to now.Trade closed manually
It seems to by my sole mistake that I interpret this chart pattern as bull flag, although apparently it isn't. And judging from the price movement in hourly chart, I don't have any faith that this will go even higher. Closing the trade with losses for now.
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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.