I made a post a few months back before we had a breakout of "triangle #1".
Now we are forming a very similar pattern "triangle #2", but on a much larger scale meaning the breakout will be much larger than the first.
We see a flat line of support around the psychological $5.00 level. This is clearly being established as an important liquidity zone. We also have a descending trendline of resistance which is what has formed our triangle.
Also our RSI has established a key momentum level (green line) as well as a bullish divergence (yellow line). This is represented by the same low in price with a higher low on our RSI.
Therefore, this is a great accumulation zone for the future of $DYM. Although, watching these patterns play out many times before, there still might be a chance of a more optimal entry below $5. This is marked by "Potential future deviation/ liquidity"
If a significant level such as the $5 liquidity level we have established is broken, it leads to many trades being stopped out and a quick collapse in price. This gives the large players the liquidity they need to fill their orders before the trend is reestablished. So just in case we see something like that, be prepared for it.
Other than that, DYM looks great.
Now we are forming a very similar pattern "triangle #2", but on a much larger scale meaning the breakout will be much larger than the first.
We see a flat line of support around the psychological $5.00 level. This is clearly being established as an important liquidity zone. We also have a descending trendline of resistance which is what has formed our triangle.
Also our RSI has established a key momentum level (green line) as well as a bullish divergence (yellow line). This is represented by the same low in price with a higher low on our RSI.
Therefore, this is a great accumulation zone for the future of $DYM. Although, watching these patterns play out many times before, there still might be a chance of a more optimal entry below $5. This is marked by "Potential future deviation/ liquidity"
If a significant level such as the $5 liquidity level we have established is broken, it leads to many trades being stopped out and a quick collapse in price. This gives the large players the liquidity they need to fill their orders before the trend is reestablished. So just in case we see something like that, be prepared for it.
Other than that, DYM looks great.