The Crypto.com file prediction is shown in the 4-hour chart, where we see an area of retracement consolidation following the rise in price that took place from 23 April 2020 to 27 April 2021. The picture is that of a bullish flag.
There is little fundamental influence at play here, leaving the price action susceptible to technical plays. Having identified this pattern as the overriding pattern to control the price of Crypto.com, what is the Crypto.com price prediction in the short term?
The active 4-hour candle has just retreated off the flag’s upper border, thus respecting the consolidation borders. For price to fulfill the expected outcome of the pattern, we need to see a break of the flag’s upper border, along with a measured move that is expected to take the price to the 0.2103 resistance level. This move would have to take out 0.1943 and 0.2001 along the way.
On the other hand, a retreat from the present level that takes momentum from the rejection at the flag’s upper border allows the price the opportunity to test support at 0.1807. A breakdown of this level invalidates the bull flag and opens the door towards the 0.1741 support. Below this level, 0.1649 forms additional support for the price.
