LINK Symmetrical Triangle|Hidden Bullish Divergence|Low Volume
Hello Traders!
Exciting update today on LINKBTC which is looking quite bullish forming a symmetrical triangle in a blue sky breakout
Points to consider,
- Trend putting in consecutive higher lows
- .236 Fibonacci – Local Resistance
- 50 Moving Average, holding support
- RSI travelling into wedge
- Stochastics in lower regions
- Volume declining
LINKBTC broke structural resistance confirming the blue sky breakout with consecutive higher lows. It is now trading in a symmetrical triangle with a high probability of breaking bullish.
Local resistance is from the .236 Fibonacci, looks quite weak compared to patterns support. The 50 Moving Average on the other hand is holding true after the first retest of the initial break.
The RSI is travelling in a wedge and also diverging from price, confirming a valid hidden bullish divergence. Volume is clearly declining, signalling a break is imminent most likely to occur near the apex.
Overall in my opinion, a break in either direction is probable due to clear support and resistance. There is however a higher probability of breaking bullish due to the nature of the uptrend. Volume will coincide with a breakout, confirming the pattern being true.
What are your thoughts?
Please leave a like and comment,
And remember,
“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee
Exciting update today on LINKBTC which is looking quite bullish forming a symmetrical triangle in a blue sky breakout
Points to consider,
- Trend putting in consecutive higher lows
- .236 Fibonacci – Local Resistance
- 50 Moving Average, holding support
- RSI travelling into wedge
- Stochastics in lower regions
- Volume declining
LINKBTC broke structural resistance confirming the blue sky breakout with consecutive higher lows. It is now trading in a symmetrical triangle with a high probability of breaking bullish.
Local resistance is from the .236 Fibonacci, looks quite weak compared to patterns support. The 50 Moving Average on the other hand is holding true after the first retest of the initial break.
The RSI is travelling in a wedge and also diverging from price, confirming a valid hidden bullish divergence. Volume is clearly declining, signalling a break is imminent most likely to occur near the apex.
Overall in my opinion, a break in either direction is probable due to clear support and resistance. There is however a higher probability of breaking bullish due to the nature of the uptrend. Volume will coincide with a breakout, confirming the pattern being true.
What are your thoughts?
Please leave a like and comment,
And remember,
“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee