Binance - Ascending triangle
Updated
An ascending triangle seems to have been formed here. A quick 10% profit target trade can be made buying between .00007000-.00007050 with a sell order just below the upper horizontal line of the triangle. This can ensure your 10% profit in case the price falls back down after hitting the resistance. If the price breaks out of the triangle then it can go further high but we are not looking for that in this trade. The RSI is on an uptrend line. As long as it does not break the trendline, we are good on the RSI side. Stochastic has bottomed out. In the last 3 instances when it bottomed out, the price made at least 10% gain when stoch hit its top limit of around 97. MACD isn't showing a bull movement yet. Stop losses can be set below the lower line of the triangle (depending on how risk tolerant you are).
My entry point was .00007040 and my sell order is at .00007690.
Criticism welcomed!
My entry point was .00007040 and my sell order is at .00007690.
Criticism welcomed!
Trade closed: target reached
Target reached a couple of hours ago. Trade closed!Trade closed: target reached
P.S. To be transparent, the trade did not go as I expected. The target was supposed to be reached several days ago, but the entire crypto market crashed which pretty much made my TA irrelevant. Nevertheless, I'm just satisfied the target was reached. Cheers!
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.