Factors
1. Price has experienced a very LT downtrend
2. EMA is converging
3. Price is approaching the top of the LT downtrend line
4. There is an overhead gap at 2.2c & 2.9 which I would be looking to target.
Possible Reasons For Failure
1. Base may not form
2. Prices may continue to downtrend
3. No bullish price action/candlestick pattern to initiate breakout trade
Watchlist and keep an eye on trendline break as well as 1.1c & 1.5c level.
1. Price has experienced a very LT downtrend
2. EMA is converging
3. Price is approaching the top of the LT downtrend line
4. There is an overhead gap at 2.2c & 2.9 which I would be looking to target.
Possible Reasons For Failure
1. Base may not form
2. Prices may continue to downtrend
3. No bullish price action/candlestick pattern to initiate breakout trade
Watchlist and keep an eye on trendline break as well as 1.1c & 1.5c level.