This is a textbook symmetrical triangle. It looks very similar to what my recent BNB/USDT setup just did. This is a mid-term hold idea. A strategy could be to accumulate every touch-point on that bottom trend line. Pay close attention to volume, SMAs, and any Bullish Divergence on the smaller time frames to nail this breakout.
I tend to keep my TA basic, and it's served me well in this market. How many tradingview analyst with large followings make ridiculous predictions using indicators and patterns that none of us are familiar with? Most of the time, their predictions don't even come to fruition. Fallings wedges, rounded bottoms, symmetrical/ascending triangles tend to play out to the upside a lot more than the downside in this bull-market. If you can find confluence with any of these patterns, you're going to win most of the time. The 12HR time frame is great for people who want a low maintenance portfolio. Mid-term traders tend to remain more profitable than day-traders. These symmetrical triangles are my favorite patterns to trade. They can often form into cup n handle patterns after they touch the highest point of the triangle. These are just some of my thoughts, and I hope someone can benefit from reading this. I see a lot of potential in this setup.
I tend to keep my TA basic, and it's served me well in this market. How many tradingview analyst with large followings make ridiculous predictions using indicators and patterns that none of us are familiar with? Most of the time, their predictions don't even come to fruition. Fallings wedges, rounded bottoms, symmetrical/ascending triangles tend to play out to the upside a lot more than the downside in this bull-market. If you can find confluence with any of these patterns, you're going to win most of the time. The 12HR time frame is great for people who want a low maintenance portfolio. Mid-term traders tend to remain more profitable than day-traders. These symmetrical triangles are my favorite patterns to trade. They can often form into cup n handle patterns after they touch the highest point of the triangle. These are just some of my thoughts, and I hope someone can benefit from reading this. I see a lot of potential in this setup.
Comment:
It's trying to break-out right now. Watch closely.
Comment:
Watch for the retest.