📈 Trading Analysis - Meta (Months Chart): V Bottom Pattern
Hello traders, I hope you had a great weekend.
Today, let's focus on Meta as a compelling price action reversal pattern, the V-bottom, has emerged. Upon analyzing the monthly chart, it's evident that a V-bottom pattern has developed, suggesting a potential price reversal. The price has successfully broken above the breakout point at 383.72.
For those with an appetite for aggressive trading, entering the market during trendline breakouts at the base of the V-bottom pattern is an option. However, it's important to note that straightforward trendline breakouts have a success rate of only 52%.
Now, if the price manages to sustain itself at the 38% level, specifically at 496.79, there is a possibility of a retracement back to the breakout point. While not guaranteed, such a retracement could offer a potential long entry opportunity. With a success rate of more than half, the price might target the 62% level at 567.95 and the 79% level at 617.20, sooner or later.
For those with an appetite for aggressive trading, entering the market during trendline breakouts at the base of the V-bottom pattern is an option. However, it's important to note that straightforward trendline breakouts have a success rate of only 52%.
Now, if the price manages to sustain itself at the 38% level, specifically at 496.79, there is a possibility of a retracement back to the breakout point. While not guaranteed, such a retracement could offer a potential long entry opportunity. With a success rate of more than half, the price might target the 62% level at 567.95 and the 79% level at 617.20, sooner or later.