ENS Breakout: A Symmetrical Signal for Bullish Entry
ENSUSDT
presents a classic bullish technical setup, captured here in a symmetrical triangle pattern nearing completion. This pattern is noteworthy as it often forecasts a continuation of the prevailing trend, which, given the prior uptrend, suggests a strong potential for upward momentum. Such formations are watched closely by traders for a confirmed breakout, signaling a robust entry point for a long position. The Setup highlights the confluence of technical indicators pointing towards a high-probability trading opportunity for a LONG entry. Bullish Setup:
- Symmetrical Triangle: Price is consolidating within a symmetrical triangle, suggesting indecision but often leads to a continuation of the prior trend, which is bullish in this case.
- Breakout: A recent breakout above the upper trendline of the triangle may indicate the continuation of the bullish trend. Perfect retest happened and Bullish uptrend is continuing.
- RSI: The Relative Strength Index is neutral, suggesting there is room for upward price movement without being overextended.
Reasons to Consider a Long Position:
- Pattern Recognition: Symmetrical triangle near completion, with a breakout and a retest to the upside.
- Trend Continuation: Prior uptrend preceding the triangle and the retest suggests a higher probability of upward Trend.
- Price Target: The height of the triangle’s base added to the breakout point provides a potential price target.
Trade Execution:
- Entry Point: Upon a confirmed breakout with high volume.
- Stop Loss: Just below the lower trendline of the triangle to minimize potential loss.
- Profit Target: Based on the height of the triangle extrapolated from the breakout point.
This trade setup offers a strategic entry with the breakout from the symmetrical triangle, indicating bullish sentiment. It presents a favorable risk-to-reward ratio with well-defined entry and exit points. As with any trade, it’s crucial to consider broader market sentiment and confirm the pattern with volume, and it's advisable to manage risk through stop-loss orders and to secure profits methodically.
Good Luck
Trade closed: stop reached:
Trade went against us. Was this a fake breakout or is it because the overall market is tanking?