LINK on the Verge Bullish Breakout Sparks Momentum !
Pattern
The chart shows a descending wedge pattern. This is generally a bullish pattern, indicating potential price reversal or breakout to the upside.
Breakout
The price has broken above the upper trendline of the wedge. This breakout is a positive signal, suggesting that bullish momentum is building.
Volume Confirmation
Check if there’s an increase in volume during the breakout. A breakout with strong volume provides confirmation.
Retest
After a breakout, it's common for the price to retest the previous resistance (now turned support). Waiting for this retest can provide a safer entry point with reduced risk.
Targets
First target: The recent swing high near $24.50.
Second target: $28.50, where there’s visible resistance.
Risk Management
Place a stop-loss below the breakout level or the lower trendline of the wedge in case the breakout fails.
The chart shows a descending wedge pattern. This is generally a bullish pattern, indicating potential price reversal or breakout to the upside.
Breakout
The price has broken above the upper trendline of the wedge. This breakout is a positive signal, suggesting that bullish momentum is building.
Volume Confirmation
Check if there’s an increase in volume during the breakout. A breakout with strong volume provides confirmation.
Retest
After a breakout, it's common for the price to retest the previous resistance (now turned support). Waiting for this retest can provide a safer entry point with reduced risk.
Targets
First target: The recent swing high near $24.50.
Second target: $28.50, where there’s visible resistance.
Risk Management
Place a stop-loss below the breakout level or the lower trendline of the wedge in case the breakout fails.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.