NOSUSDT 4H: Ascending Triangle Breakout with Cup FormationNosana (NOS) has established a strong ascending trendline dating back to its earlier price action, demonstrating consistent higher lows. What's particularly interesting is the recent price action forming what appears to be a Inverse Head & shoulders pattern (marked by the blue curved line) right along the support of the ascending trendline while being in bigger Cup&Handle pattern (marked by yellow).
Key Technical Observations:
The current setup shows multiple bullish signals working in harmony:
The ascending trendline has served as reliable dynamic support with multiple confirmations
The cup formation suggests accumulation, with price now attempting to complete the pattern
The recent consolidation near the trendline indicates strong buying pressure at support levels
Price Targets:
The initial target based on the chart pattern projects to around 4.39, with potential for extension to 7.30 if momentum maintains. These targets align with the overall trend structure and previous resistance levels.
Trading Strategy Considerations:
Entry opportunities present themselves on either a bounce from the ascending trendline or a confirmed breakout above the cup formation. The ascending nature of support provides clear invalidation levels for risk management.
Risk Management:
Place stops below the ascending trendline, as a break below would invalidate the bullish setup.
