🛑🛑🛑Triangle Formation 🔺:
On the chart we see a tapering symmetrical triangle, which indicates a possible continuation of the trend. Pairs often consolidate within such formations before a breakout occurs.
Indicator 📊:
Moving Averages (MA):
MA(9) = 69,017.76 USDT
MA(99) = 69,125.00 USDT
Parabolic SAR = 70,402.73 USDT (indication of possible selling pressure)
Indicator Ishimoku:
Tenkan-Sen (red line) = 69,125.00 USDT
Kijun-Sen (blue line) = 68,694.50 USDT
Chikou Span = 68,845.00 USDT
Volumes 📈:
Trading volumes are declining, which is typical for consolidation in a triangle. A breakout from a triangle is often accompanied by an increase in volume.
Support and resistance levels 🚧
Support:
The bottom line of the triangle is around 67.845 USDT
Kijun-Sen = 68,694.50 USDT
Resistance:
The upper line of the triangle is around 70,402.73 USDT
MA(99) = 69,125.00 USDT
Possible development scenarios 📈📉
Bullish breakout 🚀:
If the price can overcome the upper line of the triangle and consolidate above the level of 70,402.73 USDT, we can expect further growth towards 73,000 - 75,000 USDT. An increase in volume will confirm a breakout.Bearish breakout 🐻:
If the price breaks the lower line of the triangle and consolidates below the 67.845 USDT level, this could lead to a fall to the support zone around 65,000 - 63,000 USDT.
Recommendations 🎯
Buy: Open long positions on the break above 70,402.73 USDT with targets of 73,000 - 75,000 USDT.
Sell: Consider shorting the break below 67.845 USDT with targets at 65,000 - 63,000 USDT.
Stop Loss: Set stop losses at levels below previous lows and highs depending on the direction of the trade.
🌟 Happy trading and remember the risks! 🌟