Ascending Triangle on ZENBTC
Updated
I'm seeing an ascending triangle (which is bullish) on ZENBTC on a 30m chart. Stochastic and MFI showing oversold conditions indicating a reversal. MACD will have a crossover if the next couple of candles close green, giving us further confirmation of upward movement. My entry is while the price is closer to the lower line of the triangle and exit will be closer to the upper line of the triangle. I want to be in the trade for a shorter period of time so I am not waiting for a breakout and rather exiting the trade just below the resistance, for a 10% gain.
I opened a long position at 0.00473000 and placed a sell order at 0.00520300 (10% gain).
Criticism welcomed!
I opened a long position at 0.00473000 and placed a sell order at 0.00520300 (10% gain).
Criticism welcomed!
Note
Price broke through the support trendline of the triangle, so I adjusted the triangle accordingly. Hidden bullish divergence can also be seen on the RSI (price making higher lows and RSI making lower lows), but personally, hidden bullish divergence has never worked out for me but I thought it was important to mention.30M.
I thought I should also look at a zoomed out view and see what it looks like on a 2H and 4H chart. The 2H chart also shows the same picture (ascending triangle). On this one, I used wicks for the trendlines (and adjusted the triangle a slight bit). Target remains the same and it is still within the triangle. On this 2H chart, MFI and Stochastic seem to be in the oversold zone.
2H
Same picture on a 4H chart, but here only stochastic is in the oversold zone.
4H
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