$CVX /USDT has been consolidating in a tight range for the past few hours, forming a symmetrical triangle pattern. This pattern often precedes a significant breakout in either direction. The current price is hovering near the apex of the triangle, suggesting potential volatility ahead.
Entry:
* Long: If the price breaks above the upper trendline of the triangle, consider a long entry at the breakout level.
* Short: If the price breaks below the lower trendline of the triangle, consider a short entry at the breakout level.
Key Levels:
* Resistance: The upper trendline of the triangle acts as immediate resistance.
* Support: The lower trendline of the triangle acts as immediate support.
Targets:
* Long:
* TP1: 4.200
* TP2: 4.250
* TP3: 4.300
* Short:
* TP1: 3.900
* TP2: 3.850
* TP3: 3.800
Stop Loss:
* Long: Place a stop loss below the recent swing low.
* Short: Place a stop loss above the recent swing high.
Caution:
Traders should closely monitor the price action and volume. A breakout from the triangle pattern could lead to a significant move in either direction. Use proper risk management techniques and consider consulting with a financial advisor before making any investment decisions.
#CryptoTrading #Binance #CVXUSDT #TechnicalAnalysis #TradingSignal
