$BADGER Forming a Weekly Triangle Pattern - Targeting $33-$36
Description: $BADGER shows a promising triangle pattern on the weekly timeframe, suggesting potential movement towards the
33
-
36
area. Fibonacci retracement levels indicate possible lower targets at $15 and $25. The project's utilization of Bitcoin and low circulating supply adds to its appeal.
Hello there!
Today, we'll be analyzing $BADGER on the weekly timeframe. The chart is showing a promising triangle pattern, which suggests that we could see a significant move towards the 33 - 36 area. Additionally, the project's use of Bitcoin and its relatively low circulating supply make it an interesting asset to watch.
Chart Analysis
Triangle Pattern: On the weekly chart, $BADGER has been forming a triangle pattern, with the price consolidating within converging trendlines. This pattern typically indicates a period of indecision, which could lead to a strong breakout in either direction once the price breaks one of the trendlines.
Fibonacci Retracement Levels: By applying the Fibonacci retracement tool to the chart, we can identify potential lower targets at the 38% ( 25 ) and 23% ($15) retracement levels.
Breakout and Price Targets: We are now looking for a breakout above the upper trendline of the triangle pattern, which would signal a continuation of the bullish trend. The price target range of 33 - 36 (61% Fibo) can be calculated by measuring the height of the triangle and projecting it from the breakout point.
Project Fundamentals
$BADGER has a relatively low circulating supply (<20 million), which could contribute to increased demand and price appreciation. Moreover, the project's focus on utilizing Bitcoin adds to its potential, as it leverages one of the most well-established and widely-accepted cryptocurrencies in the market.
Trading Strategy
To capitalize on this opportunity, consider entering a long position upon a confirmed breakout above the upper trendline of the triangle pattern. Make sure to place a stop-loss order to protect your capital in case the pattern fails to materialize.
Keep in mind that trading cryptocurrencies carries inherent risks, and it's crucial to manage your risk accordingly. Always trade with proper risk management, and never invest more than you can afford to lose.
Stay tuned for more updates, and happy trading!
Hello there!
Today, we'll be analyzing $BADGER on the weekly timeframe. The chart is showing a promising triangle pattern, which suggests that we could see a significant move towards the 33 - 36 area. Additionally, the project's use of Bitcoin and its relatively low circulating supply make it an interesting asset to watch.
Chart Analysis
Triangle Pattern: On the weekly chart, $BADGER has been forming a triangle pattern, with the price consolidating within converging trendlines. This pattern typically indicates a period of indecision, which could lead to a strong breakout in either direction once the price breaks one of the trendlines.
Fibonacci Retracement Levels: By applying the Fibonacci retracement tool to the chart, we can identify potential lower targets at the 38% ( 25 ) and 23% ($15) retracement levels.
Breakout and Price Targets: We are now looking for a breakout above the upper trendline of the triangle pattern, which would signal a continuation of the bullish trend. The price target range of 33 - 36 (61% Fibo) can be calculated by measuring the height of the triangle and projecting it from the breakout point.
Project Fundamentals
$BADGER has a relatively low circulating supply (<20 million), which could contribute to increased demand and price appreciation. Moreover, the project's focus on utilizing Bitcoin adds to its potential, as it leverages one of the most well-established and widely-accepted cryptocurrencies in the market.
Trading Strategy
To capitalize on this opportunity, consider entering a long position upon a confirmed breakout above the upper trendline of the triangle pattern. Make sure to place a stop-loss order to protect your capital in case the pattern fails to materialize.
Keep in mind that trading cryptocurrencies carries inherent risks, and it's crucial to manage your risk accordingly. Always trade with proper risk management, and never invest more than you can afford to lose.
Stay tuned for more updates, and happy trading!