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.
TROYUSD
TROY/USDT (Retest > New Support?)TROY/USDT
-good bullish break outside the trendline
-the price is now pulling back to retest new support
-this is a good potential rebuy zone
-or you have another option to buy the break
-above the minor resistance at 37500s
-upside target is the recent top at 44000s or higher
TROY/BTC (Deep Pullback?)TROY/BTC
-strong upside break last May 25
-but the bulls failed to keep a strong uptrend
-currently facing a deep pullback correction
-testing old resistance to turning into new support
-if the bulls can hold the level 32-28 sats
-and break the descending trendline resistance
-we might see an upside continuation
-immediate resistance is located at 50 sats
-breaking above 50 sats will send the price higher up to 76s
TROY/BTC (Retest Old Resist>New Support?)TROY/BTC
-after rally up over 80%, the price went back to previous resistance
-which has the chance to switch into new support
-best way to enter a trade here is to confirm the break of the trendline
-closing above the line resistance will confirm an end of the pullback
-and will likely to continue higher or retest the recent top
#TROY BTC #TROY BTC Mid Term
Prices are now going in a closed box. If the resistance is broken, the price will explode higher
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TROY/BTC 46% profit and again I will buying#TROY/BTC Update:
After 46% profit form #TROY again we can catch between 61-63 Sat.
I sold Yesterday at 72 Sat.
now again bought some at 63 and wait for 61 Also.
if 61 Breakdown then ready for 56 sat
Support: 61/56 Sat
Resistance : 78/98 Sat
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TROY/BTC 22% profit within 3 Days and achieved TP1TROY/BTC bullish mode and after breakout it achieved our First Target 61 Satoshi.
now short term trader secure your profit.
I can expect more upside move in coming days because chart still looking bullish.
Support :55 Satoshi
Resistance : 78/98 Satoshi.
Resistance = Targets
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TROY/BTC Technical Bullish Update#TROY/BTC Chart Update:
#TROY now Looking good and I bought some at 50 Sat.
if break upward this box then I will add more #TROY.
R1: 61 Sat
R2: 78 Sat
R3: 98 Sat
Support and SL 47 sat.
R is Resistance and Resistance = Targets.
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TROY/BTC TA Update (Two Potential Bullish Pattern?)TROY/BTC
TROY is starting to make a move again to come up retest the downward trend-line resistance.
This key trend-line acted strong bases to kick the price down to Lower Lows before. If TROY fails to break this line,
I'm expecting a potential retest of previous Low and potential form a double bottom and finally try to break this bullish pattern to the upside.
Take note the RSI hits extreme oversold conditions that will give buyers interest to enter the market.
#TROY Prepare To Take Off !Entry : 0.00000097 - 0.00000091
Target 1 : 0.00000110
Target 2 : 0.00000123
Target 3 : 0.00000139
Target 4 : 0.00000158
Target 5 : 0.00000195
Target 6 : Hold
Stop loss : 0.00000089
Risk/Reward : 7%/102%
Do not hurry to buy, the price may go down to good places
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