Technical Analysis - DERO
DERO/USD - 03/09/2020
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As shown above, we will be updating the Technical Analysis from the 16th of February.
Since the last update, DERO has made amazing moves upwards. The bullish engulfing at the range high has definitely started and confirmed the new uptrend. Currently, DERO is starting to make lower highs, which is not the best structure to be seen, yet it is very early to make definitive judgments yet.
Just as mentioned above, today's breakdown/bearish engulfing is not one of the best signs there could be for DERO, yet it is very early to be specific about it. A bearish engulfing is usually the indication of a new local downtrend or retrace. The potential retrace would most likely bring us to the bottom of the first and more significant pullback since the initial break of the range. Should that level fail, though, it would be safe to assume a re-test of the range high from which DERO has broken out of. I have to mention the possibility of a wedge, which would be a slightly bullish and continuation pattern. Nevertheless, it could quickly turn into a rising wedge, which would ultimately become the chance into a major breakdown. All in all, DERO can still be considered bullish, and an experienced trader would be looking for trades at previous key-levels and areas as mentioned above.
This Technical Analysis is made by Kong Trading. The provided Analysis should not be considered financial advice!