Market

ANKR Half-staff flag 29/08/2021 for COINBASE:ANKRUSD by fvideira

Flag characteristics:

  • The flag is currently longer than the traditional 3 weeks however this market is open 24/7, therefore I have factored weekends into the timeframe of the pattern, making this one still inside the limit.
  • This is more likely a flag than a channel as the run up previous was steep/quick and could be considered a flagpole.
  • Price has mostly moved within the two parallel lines.
  • Volume trending downwards through the flag.
  • Measured price target shown as ~$0.15 (58.89%).

Other technicals:

  • RSI trending in the bullish control zone, with hidden bullish divergence showing.
  • Bollinger bands contracted with price holding support, and are showing beginning signs of expansion with price trending in the upper half and with a successful daily close above the top band.
  • Volume profile shows POC just above the measured price target.
  • Price has already wicked above resistances provided from the highs in late May/June. Breaking above now would be a good sign of a move to the next resistance.
  • We are sitting on top of the Monthly Camarilla R4.
  • Support was made on the POC inside in the flag.
  • General volume has seen a significant increase since the June/July lows.

Traditionally, the entry is a stop on the break or on a close above the top trendline. A bounce of the bottom trendline would also provide a good entry, with an even tigher SL (below the previous lows of the flag). Can also look for a bounce off the BB/flag median as entry, if caught on time.

Have plotted potential resistances from highs with green horizontal rays (can be TP levels), and also an invalidation/SL price to the downside with a horizontal red ray.

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