SynapseLong
SYNUSD 12/2/2024
DSYNUSD Daily Chart Analysis
The chart for DSYNUSD presents a classic bullish setup, contingent on BTC maintaining its strength. Here's the breakdown:
Pattern Formation:
1) Price has been forming an ascending triangle since August 2024.
A breakout from this pattern occurred recently, signaling bullish momentum.
Breakout Confirmation:
2) We now have multiple daily closes above the resistance line of the triangle.
The most recent candlesticks are smaller, indicating a pause or consolidation near the breakout level.
Volume Analysis:
3) A notable volume spike accompanied the breakout, adding validity to the move.
Trade Plan:
- Position: Long
- Stop Loss: Below the breakout level to account for potential pullbacks.
- Target: Measure the height of the triangle and project it upward to determine a price target.
This setup looks promising, especially if BTC maintains its current levels or continues upward.
Entry: 0.725
Stoploss: 0.0609, -15.42%
Target: 1.384, +92.22%
The chart for DSYNUSD presents a classic bullish setup, contingent on BTC maintaining its strength. Here's the breakdown:
Pattern Formation:
1) Price has been forming an ascending triangle since August 2024.
A breakout from this pattern occurred recently, signaling bullish momentum.
Breakout Confirmation:
2) We now have multiple daily closes above the resistance line of the triangle.
The most recent candlesticks are smaller, indicating a pause or consolidation near the breakout level.
Volume Analysis:
3) A notable volume spike accompanied the breakout, adding validity to the move.
Trade Plan:
- Position: Long
- Stop Loss: Below the breakout level to account for potential pullbacks.
- Target: Measure the height of the triangle and project it upward to determine a price target.
This setup looks promising, especially if BTC maintains its current levels or continues upward.
Entry: 0.725
Stoploss: 0.0609, -15.42%
Target: 1.384, +92.22%
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.