DASHUSDT | Impending Breakout | Apex | Symmetrical Triangle
Todays Analysis – DASHUSDT – Consolidating in a symmetrical triangle, nearing its apex where a breakout is probable.
Points to consider:
Multi-confluence resistance cluster
Support and resistance converging (Apex)
Declining volume
RSI showing weakness
DASHUSDT has been in a multi-week no trend scenario, trading within a contracting range where resistance is being held by the 200 EMA and .5 Fibonacci retracement.
Volume has also been on a steady decline, indication of an influx being imminent, possibly coinciding with the breakout.
RSI is also below 50 showing weakness in the market.
Overall, in my opinion, a break in either direction is impending. The break needs to be backed with increasing volume to solidify legitimacy and avoid any fake outs.
Points to consider:
Multi-confluence resistance cluster
Support and resistance converging (Apex)
Declining volume
RSI showing weakness
DASHUSDT has been in a multi-week no trend scenario, trading within a contracting range where resistance is being held by the 200 EMA and .5 Fibonacci retracement.
Volume has also been on a steady decline, indication of an influx being imminent, possibly coinciding with the breakout.
RSI is also below 50 showing weakness in the market.
Overall, in my opinion, a break in either direction is impending. The break needs to be backed with increasing volume to solidify legitimacy and avoid any fake outs.
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.