Finally Tranchess (CHESS) Broke Out Key Resistance For Big Pump
Hi friends, hope you are well and welcome to the new update on Tranchess (CHESS) token
Triangle and key resistance:
On a daily time frame, since Oct 2021 the priceline of Chess was moving in a triangle. Finally, the priceline broke out the resistance of this triangle after more than 2 months. There was also a key resistance at $2.15 and Chess has also broken out this resistance as well. Now $2.15 can turn into strong support and there is a possibility that the priceline may re-test this resistance as support for the next move. Once this retest will be successful then a long-term bull run can be started. There will be upcoming resistance levels at $3.90 and $8.17. We can also set our sell targets according to these resistance levels as well.
Bullish Gartley move:
On a daily time frame, CHESS has also formed a bullish Gartley pattern.
In order to trade this Gartley pattern the targets can be as below:
Buy between: $2.676 to $1.744
Sell between: $3.984 to $5.367
Stop loss:
Stop loss can be set below the maximum extent of buying zone which is $1.744
Possible profit and loss ratio:
As per the above targets, this trade has a huge profit possibility of up to 207% and a high loss possibility is 35%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Triangle and key resistance:
On a daily time frame, since Oct 2021 the priceline of Chess was moving in a triangle. Finally, the priceline broke out the resistance of this triangle after more than 2 months. There was also a key resistance at $2.15 and Chess has also broken out this resistance as well. Now $2.15 can turn into strong support and there is a possibility that the priceline may re-test this resistance as support for the next move. Once this retest will be successful then a long-term bull run can be started. There will be upcoming resistance levels at $3.90 and $8.17. We can also set our sell targets according to these resistance levels as well.
Bullish Gartley move:
On a daily time frame, CHESS has also formed a bullish Gartley pattern.
In order to trade this Gartley pattern the targets can be as below:
Buy between: $2.676 to $1.744
Sell between: $3.984 to $5.367
Stop loss:
Stop loss can be set below the maximum extent of buying zone which is $1.744
Possible profit and loss ratio:
As per the above targets, this trade has a huge profit possibility of up to 207% and a high loss possibility is 35%.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
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.