SYNUSD 12/2/2024DSYNUSD Daily Chart Analysis
The chart for DSYNUSD presents a classic bullish setup, contingent on BTC maintaining its strength. Here's the breakdown:
Pattern Formation:
1) Price has been forming an ascending triangle since August 2024.
A breakout from this pattern occurred recently, signaling bullish momentum.
Breakout Confirmation:
2) We now have multiple daily closes above the resistance line of the triangle.
The most recent candlesticks are smaller, indicating a pause or consolidation near the breakout level.
Volume Analysis:
3) A notable volume spike accompanied the breakout, adding validity to the move.
Trade Plan:
- Position: Long
- Stop Loss: Below the breakout level to account for potential pullbacks.
- Target: Measure the height of the triangle and project it upward to determine a price target.
This setup looks promising, especially if BTC maintains its current levels or continues upward.
Entry: 0.725
Stoploss: 0.0609, -15.42%
Target: 1.384, +92.22%
