SFPBUSD - Make or Break Triangle Pattern about to burst
Updated
I've been following this asset since March '22 and it followed the downtrend pretty strongly until it entered into a massive ranging mode. Even though the whole market was moving a lot, this coin continued to play under this strong range.
Right now, I've managed to see a triangle formation which I believe it's crucial to identify which way price might go next. We either get a breakdown which signifies a downtrend continuation or we continue to play in the range and it's time the bulls take over temporarily.
If we get a breakdown this would be potential profit target zone:
0.2579 - 0.2899
Since it's a ranging market it could just go either way and could be hard to predict. Manage risk accordingly. Happy Trading! ♥
Right now, I've managed to see a triangle formation which I believe it's crucial to identify which way price might go next. We either get a breakdown which signifies a downtrend continuation or we continue to play in the range and it's time the bulls take over temporarily.
If we get a breakdown this would be potential profit target zone:
0.2579 - 0.2899
Since it's a ranging market it could just go either way and could be hard to predict. Manage risk accordingly. Happy Trading! ♥
Note
Stay alert for confirmation: Whether is it a double bottom or a breakdown of current support area. We'll see in the next days.Trade active
Seems like the support is breaking through, we'll confirm this if candle closes fully below the green box if that happens we can go short till the next demand zone which would be a long drop 0.2579 - 0.2899Note
Bear trade closed successfully but whats crazy is that the bull scenario might just play out as well wow
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