The Ascending triangle chart pattern on the 4hours time frame chart. The bulls are trying hard to hold price above $7k.
The above mentioned chart pattern is a bullish reversal chart pattern. This above chart pattern will be valid only when the body of the candlestick closes above the horizontal resistance level. The ascending triangle chart pattern has a horizontal resistance and an up-sloping support level.
In the coming week(or during the close of this week) we will likely see price move closer to the resistance again.
When price continues to hug the horizontal resistance for too long, this gives traders more confidence that price will breakout through the resistance. We advise traders to wait for a valid breakout before opening a long position.
Breakout level: $8055.2
Resistance 1: $8337.5
Resistance 2: $8779.5
Resistance 3: $9207.1
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The above mentioned currency can be traded on primexbt.com
The above mentioned chart pattern is a bullish reversal chart pattern. This above chart pattern will be valid only when the body of the candlestick closes above the horizontal resistance level. The ascending triangle chart pattern has a horizontal resistance and an up-sloping support level.
In the coming week(or during the close of this week) we will likely see price move closer to the resistance again.
When price continues to hug the horizontal resistance for too long, this gives traders more confidence that price will breakout through the resistance. We advise traders to wait for a valid breakout before opening a long position.
Breakout level: $8055.2
Resistance 1: $8337.5
Resistance 2: $8779.5
Resistance 3: $9207.1
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The above mentioned currency can be traded on primexbt.com