Overview:
Wormhole is showing signs of a bullish breakout from a descending triangle pattern. Higher lows (pink trendline) indicate increasing buying pressure, and a breakout above the horizontal resistance could lead to significant upside.
Key Levels:
Breakout Point: Watch for a break and close above the resistance level with volume confirmation.
Targets:
T1: +55% gain based on the triangle’s height.
T2: +156% for the extended move.
T3: ?
Strategy:
Entry: On a breakout above resistance with volume confirmation.
Stop-Loss: Below the ascending pink trendline or triangle base.
Profit-Taking: Scale out at T1 and T2 levels.
Risks:
False breakout or lack of volume confirmation.
Unfavorable market conditions for altcoins.
This setup offers a strong risk/reward ratio for a bullish continuation if confirmed.
Disclaimer: Not financial advice. Trade responsibly!
Wormhole is showing signs of a bullish breakout from a descending triangle pattern. Higher lows (pink trendline) indicate increasing buying pressure, and a breakout above the horizontal resistance could lead to significant upside.
Key Levels:
Breakout Point: Watch for a break and close above the resistance level with volume confirmation.
Targets:
T1: +55% gain based on the triangle’s height.
T2: +156% for the extended move.
T3: ?
Strategy:
Entry: On a breakout above resistance with volume confirmation.
Stop-Loss: Below the ascending pink trendline or triangle base.
Profit-Taking: Scale out at T1 and T2 levels.
Risks:
False breakout or lack of volume confirmation.
Unfavorable market conditions for altcoins.
This setup offers a strong risk/reward ratio for a bullish continuation if confirmed.
Disclaimer: Not financial advice. Trade responsibly!
Note
Idea is still valid.
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.