Bullish Symmetrical Triangle
This chart depicts the breakout of a symmetrical triangle pattern, which is currently undergoing a retest of its uptrend line as support. I entered this trade a few hours ago buying the retest and aiming for the subsequent bullish trend, which I estimate to last around a month based on the coin's past trends.
Entry: 5660 Satoshis.
Stop Loss: 4560 Satoshis: below horizontal level.
Target: 8990 Satoshis: conservatively below the pattern target as well as the 1.618 fib. retracement.
Risk/Reward: 3.03 (recommended to have ~ 3 R/R ratio per trade).
Will be monitoring this trade closely, especially in the next few days at the expected bounce!
Hit the like button if you liked the TA!
Cheers.
This chart depicts the breakout of a symmetrical triangle pattern, which is currently undergoing a retest of its uptrend line as support. I entered this trade a few hours ago buying the retest and aiming for the subsequent bullish trend, which I estimate to last around a month based on the coin's past trends.
- Resistance had four touches before the breakout; support had three. Strong validity to the pattern.
- Violence of the breakout adds confluence.
- Breakout occurred at ~ 2/3 of the apex, great sign.
- Volume also picked up in recent months.
- Great fundamentals too.
Entry: 5660 Satoshis.
Stop Loss: 4560 Satoshis: below horizontal level.
Target: 8990 Satoshis: conservatively below the pattern target as well as the 1.618 fib. retracement.
Risk/Reward: 3.03 (recommended to have ~ 3 R/R ratio per trade).
Will be monitoring this trade closely, especially in the next few days at the expected bounce!
Hit the like button if you liked the TA!
Cheers.
Comment:
Stop loss triggered; unsure as to why price failed to bounce off support. Still learning! Bullish on MTL/BTC on the long term though.
Trade closed: stop reached