There is an interesting thing going on on daily timeframe. The price is moving in a triangle on the larger picture.
We are currently sitting right below our Resistance Line (Trend). This usually means we are trending back to the Support Line of the Triangle.
We are also in the upper band of the Bollinger Bands. The SMA of the Bollinger Bands (Orange Line) is a good Buy Zone in during an uptrend.
To determine if this is really an uptrend, i take a look at the ADX and DI Indicator.
The ADX (Black Line) is at 15.00. When the ADX line is moving below 20.00 it means that the trend is weak.
But a range between 10.00 and 20.00 is also a setup-type for a Pattern Breakout (Triangle in this case).
The DI+ (Green Line) is also moving above the DI- (Red Line) which is a sign for an uptrend.
Our Entry is located at 0.280 if a daily candle in the next 3 days closes above this level.
Our Target Zone is located between 0.310 and 0.330.
Be patient and wait for a clear signal.
I will update this chart accordingly!
THANKS! to @monetae_anon for kickstaring my Patreon
Leave a thumbs up if you like this idea and Follow me for more updates!
Disclaimer:
Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
We are currently sitting right below our Resistance Line (Trend). This usually means we are trending back to the Support Line of the Triangle.
We are also in the upper band of the Bollinger Bands. The SMA of the Bollinger Bands (Orange Line) is a good Buy Zone in during an uptrend.
To determine if this is really an uptrend, i take a look at the ADX and DI Indicator.
The ADX (Black Line) is at 15.00. When the ADX line is moving below 20.00 it means that the trend is weak.
But a range between 10.00 and 20.00 is also a setup-type for a Pattern Breakout (Triangle in this case).
The DI+ (Green Line) is also moving above the DI- (Red Line) which is a sign for an uptrend.
Our Entry is located at 0.280 if a daily candle in the next 3 days closes above this level.
Our Target Zone is located between 0.310 and 0.330.
Be patient and wait for a clear signal.
I will update this chart accordingly!
THANKS! to @monetae_anon for kickstaring my Patreon
Leave a thumbs up if you like this idea and Follow me for more updates!
Disclaimer:
Any opinions, chats, messages, news, research, analyses, prices, or other information contained in this Idea are provided as general market information for educational and entertainment purposes only
Comment:
Nice price action today!
Comment:
An example for ADX Breakout Pattern (BNBBTC)
Trade active
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Updated chart:
