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TROY BTC - Rectangle Bottoms Tutorial and TradeRECTANGLE BOTTOMS TUTORIAL A Rectangle Bottom is a short-term bullish reversal pattern. A decrease in volume often precedes this formation. In Bull Markets, these patterns breakout to the upside 85% of the time. A Rectangle Bottom is preceded by a downwards price trend. Price action will compress between two horizontal trend lines. Price will bounce between the two horizontal levels like a ping pong, generally while volume rises. The average time for a Rectangle Bottom to play out is 60-80 days. We can see that in this example. Notice the volume spike in mid-May that lead very quickly to the breakout. We can measure our Target Price from the breakout one of two ways. Method One: Measure the difference between the Highest High and the Lowest Low in the pattern. Add this difference to the top horizontal trend line. Method Two : Measure the length of the Rectangle pattern. Flip it on it's side to calculate the next significant target. While this may sound a bit far-fetched, Bulkowski himself even states in 'Encyclopedia of Chart Patterns' that that method serves as a convenient rule of thumb. Rules for Trading a Rectangle Bottom: 1. Wait for the breakout! Place your trade after price closes outside of the rectangle and trade in the direction of the breakout. 2. Often a Rectangle Bottom presents the perfect chart pattern to range trade. Look to place shorts at the top horizontal resistance and to go long near horizontal support. 3. Watch for volume to increase after 30-45 days of price consolidating in this formation. Rising volume is a good sign of an impending breakout. Advice for this Trade Setup 1. Play the range opportunity. Look to long near horizontal support and sell your position as price moves up towards horizontal resistance. 2. Be careful if trading the Rectangle Breakout itself. As you can see from the previous formation's breakout, price moved on high volume and momentum in the span of a Daily Candle. 3. High volume candles near support can often indicate potential entry zones.
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by CrackingCryptocurrency
1
TROY ANALYSIS: BUY THE DIP!TROY ANALYSIS: TROY attempted to break down the uptrend but was quickly bought up by buyers. The volume matched the buy candles, which is showing the strength behind this hold. I expect the trend to hold. The buy in level is 46-49 sats. Look for entries now. Targets are T1 at 52 sats, T2 at 56 sats, and T3 at 60 sats. The hourly RSI is heavily oversold and we did NOT reach new lows. Breaking up to equilibrium above T1 is highly expected. The higher time frame shows TROY has a large potential long term, this is not a bad bag to hold for long term supporters. Possible Entries: 46-49 sats
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by altchicasignals
TROY Action Starts (80% to 140% Target Mapped)Bullish action is already on its way for TROYBTC (TROY), let's take a look at the chart. Prices are now trading above EMA10 with bullish momentum starting to build up on increasing volume. The light blue area on the chart is the "decision point". Below this area TROYBTC goes bearish (down). Above this marked area TROYBTC goes with the bulls (up). This same area can produce sideways consolidation. The dotted lines on the chart with numbers to the right are the fib. resistance levels. The magenta dashed lines are the main targets, this is where we sell to collect profits. TROYBTC is likely to continue growing for weeks to come. Thanks a lot for your LIKES and continued support. Namaste.
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by AlanSantana