When Synthetix breaks it's ranging between the support & resistance of this descending wedge we can expect a big move.
Nice increase in volume suggests that this breakout is gonna happen pretty imminently.
Sell target will be top of the wedge for me (indicated by the arrow - Roughly 40%).
- SNXUSDT brokeout above the double bottom (DB) neckline resistance (NR).
- The market hit an ATH and retraced.
- Price retested the key fibonacci retracement zones (0.5 - 0.618 - 0.786).
- A daily timeframe bullish pin bar (BPB) was formed at the retest area.
- Price action is printing a pennant pattern (PP).
- A pennant pattern is a trend...
- SNXUSDT was bounded in the falling wedge (FW) pattern.
- A falling wedge pattern is a reversal pattern.
- A bullish pattern to be precise.
- Price brokeout above the falling wedge's resistance.
- The market is consolidating in a rectangular pattern.
- This rectangular pattern consolidation is known as the accumulation phase (wyckoff method).
Disclaimer - I am new to trading crypto and am currently trying to develop a TA style
General downtrend in prices across alts at 5am UTC
Trend lines from Dec 20 follow current pattern
Intraday cup and handle repetition on an uptrend
Current pattern seems to be following intraday cup and handle formation but exaggerated
Strong support at $22...