Hello everyone! Let's analyze this new chart representing the $MTL
Observed Pattern: Descending Triangle
Typically a bearish continuation pattern, but an upside breakout can indicate a trend reversal.
The price has been decreasing within this triangle and is now attempting to break above the descending resistance.
Resistance and Support:
Descending Resistance: Acts as a ceiling for the price.
Horizontal Support: Acts as a floor, preventing sharper drops.
Entry Points and Take Profits
Conservative Entry Point:
Entry: Wait for a clear breakout above the descending resistance with strong volume and a daily close above this line. Watch for around 1.20 USDT.
Stop-Loss: Place just below recent support, around 1.00 USDT.
Aggressive Entry Point:
Entry: Enter near the current level, anticipating the breakout.
Stop-Loss: Place a tighter stop-loss below current support, around 1.05 USDT.
Take Profits:
First Target (TP1): Around 1.50 USDT, aligning with an intermediate resistance.
Second Target (TP2): Around 1.80 USDT, a level where the price has struggled before.
Third Target (TP3): Around 2.50 USDT, a more ambitious level if the bullish trend continues.
The descending triangle pattern and recent breakout attempt suggest a potential bullish reversal in MTL/USDT. Manage risk appropriately and wait for breakout confirmations with strong volume.
Stay alert to key levels and adjust your strategies according to your risk profile. I wish you success in your trades and a profitable trading day!
