This chart depicts the breakout of a symmetrical triangle pattern, which is currently undergoing a retest of its uptrend line as support. I entered this trade a few hours ago buying the retest and aiming for the subsequent bullish trend, which I estimate to last around a month based on the coin's past trends.
Resistance had four touches before the breakout; support had three. Strong validity to the pattern.
Violence of the breakout adds confluence.
Breakout occurred at ~ 2/3 of the apex, great sign.
Volume also picked up in recent months.
Great fundamentals too.
Entry: 5660 Satoshis. Stop Loss: 4560 Satoshis: below horizontal level. Target: 8990 Satoshis: conservatively below the pattern target as well as the 1.618 fib. retracement. Risk/Reward: 3.03 (recommended to have ~ 3 R/R ratio per trade).
Will be monitoring this trade closely, especially in the next few days at the expected bounce!
Hit the like button if you liked the TA!
Cheers.
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Stop loss triggered; unsure as to why price failed to bounce off support. Still learning! Bullish on MTL/BTC on the long term though.