RIZO Symmetrical Triangle (1D - Log)
RIZOSOL_6NMICC.USD formed a symmetrical triangle, and a minor ascending triangle within it.Log scale is needed despite the short timeframe considering the volatility.
Clear support and invalidation, with multiple TP targets.
Key Levels to Watch
• $0.000007: Local low. A break below the blue support trendline would invalidate the setup, with this horizontal level offering a more reliable invalidation point.
• $0.000010-$0.000012: Current resistance and minor ascending triangle upper boundary. Also an S/R dating back to August 2024. A break above it could be a good long trigger, aligning with the broader symmetrical triangle breakout scenario.
• $0.000025: High volume node, roughly aligned with the minor ascending triangle target.
• $0.000060: Local high from January 2025.
• $0.000150: ATH area, most likely strong resistance.
Until a confirmed breakout above $0.000012, RIZO remains in a compression phase and a no-trade zone for me.
Note
RIZO broke above the ascending triangle resistance and tested the symmetrical triangle upper boundary, before a brief pullback.It is now retesting $0.000010-$0.000012 as support, worth watching it closely.
Note
RIZO might be about to break out of its symmetrical triangle.A daily close above the $0.000013 local high would be my final confirmation.
Trade active
RIZO breakout confirmed.
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.