SNXEUR Analysis 20-03-21 - Triangle Breakout Possibility!
Whether we look at the big triangle or the smaller one separated by the horizontal one, SNX is getting ready to break out. Current price has already get above the pivot and MA 200 that could pose as resistance. So the possibility of the breakout is higher. However, the RSI isn't that supporting yet since it kinda form a divergence. So, depending on the overall market, SNX could still bounce back before breaking out.
If the market (aka.Bitcoin) is still maintaining its bullish momentum, we could hope for:
- TP1 = 19.635 (around R2 for 4H TF, and also previous high)
- TP2 = 23.900 (current ATH)
- TP3 = 27.750 (the pole length is around €10 long, and predicted breakout price is about €17.75, so €17.75 + €10 =€27.75)
It's still best to wait until the breakout is confirmed, the higher the timeframe the better.
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If the market (aka.Bitcoin) is still maintaining its bullish momentum, we could hope for:
- TP1 = 19.635 (around R2 for 4H TF, and also previous high)
- TP2 = 23.900 (current ATH)
- TP3 = 27.750 (the pole length is around €10 long, and predicted breakout price is about €17.75, so €17.75 + €10 =€27.75)
It's still best to wait until the breakout is confirmed, the higher the timeframe the better.
** If you enjoy this idea, please like and/or comment. Thanks!