BTC/USDT Breakout Riding the Descending Triangle for Dual TP
In this setup, I executed a long position on BTC/USDT at 97835.6 
BTCUSDT USDT after identifying a breakout potential within a descending triangle pattern. The price was compressing against the descending resistance, and I anticipated bullish momentum as it approached a critical convergence zone.
Key Elements of the Setup:
Descending Triangle Breakout:
The price was forming lower highs while respecting a strong support area near 97,711 USDT. I positioned my entry slightly above this support after spotting bullish pressure building up near the triangle's apex.
Support & Resistance Analysis:
The support zones between 96,601.1 USDT and 97,711 USDT provided a solid base for the price, showing multiple rejections of lower levels.
Several weak resistance levels ahead were identified, but the strong bullish momentum suggested the price would overcome them, making it favorable for a breakout.
Risk Management:
My stop loss is strategically placed at 95,854.9 USDT, below the support zone, to protect against a false breakout while minimizing risk exposure.
The setup provides a favorable risk-to-reward ratio, giving the trade room to breathe without exposing it to unnecessary losses.
Take Profit Strategy:
Take Profit 1 at 100,965.9 USDT, just below a major resistance level at 101,735.4 USDT. This ensures profit is secured before encountering strong selling pressure.
Take Profit 2 at 102,380.7 USDT, targeting the upper resistance, capitalizing on the full potential of the breakout if momentum remains strong.
Conclusion:
This trade combines technical pattern recognition (descending triangle breakout), key support and resistance mapping, and disciplined risk management. By entering near a strong support with a clear breakout structure, the goal is to ride the bullish wave and secure profits at predefined resistance levels.
BTCUSDT USDT after identifying a breakout potential within a descending triangle pattern. The price was compressing against the descending resistance, and I anticipated bullish momentum as it approached a critical convergence zone.Key Elements of the Setup:
Descending Triangle Breakout:
The price was forming lower highs while respecting a strong support area near 97,711 USDT. I positioned my entry slightly above this support after spotting bullish pressure building up near the triangle's apex.
Support & Resistance Analysis:
The support zones between 96,601.1 USDT and 97,711 USDT provided a solid base for the price, showing multiple rejections of lower levels.
Several weak resistance levels ahead were identified, but the strong bullish momentum suggested the price would overcome them, making it favorable for a breakout.
Risk Management:
My stop loss is strategically placed at 95,854.9 USDT, below the support zone, to protect against a false breakout while minimizing risk exposure.
The setup provides a favorable risk-to-reward ratio, giving the trade room to breathe without exposing it to unnecessary losses.
Take Profit Strategy:
Take Profit 1 at 100,965.9 USDT, just below a major resistance level at 101,735.4 USDT. This ensures profit is secured before encountering strong selling pressure.
Take Profit 2 at 102,380.7 USDT, targeting the upper resistance, capitalizing on the full potential of the breakout if momentum remains strong.
Conclusion:
This trade combines technical pattern recognition (descending triangle breakout), key support and resistance mapping, and disciplined risk management. By entering near a strong support with a clear breakout structure, the goal is to ride the bullish wave and secure profits at predefined resistance levels.
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t.me/scalpooo
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.