Analyzing Syscoin (SYS) to USD at a high time frame, one of the notable patterns that emerges is a massive symmetrical triangle formation. This pattern indicates a period of consolidation where the price action oscillates between two converging trendlines, one sloping downward from the highs and another sloping upward from the lows.
Potential Price Target:
Measurement: The potential move post-breakout can be estimated by measuring the widest part of the triangle (the base) and projecting that distance from the breakout point. If Syscoin breaks out upwards from a triangle that had a base of, say, $0.10, from a breakout point at $1.20, the target would be approximately $1.30 ($1.20 + $0.10).
Time Frame: Given the long-term nature of this triangle, the breakout might imply a significant trend continuation or reversal. The longer the pattern takes to form, the more significant the breakout is likely to be.
Current Context:
At the time of this analysis, posts from X suggest an anticipation of a breakout towards a resistance level at $1.35 from a descending wedge reversal, which could align with the dynamics of a symmetrical triangle if we extend our timeframe. However, these are user interpretations and should be taken with caution as market sentiments can change.
Conclusion:
The massive triangle pattern in Syscoin's price chart against USD at a high time frame presents a significant opportunity for traders. The key is patience for a confirmed breakout, watching volume for confirmation, and setting appropriate targets based on technical measurements. However, as with all technical patterns, traders should be prepared for the possibility of a false breakout and use additional indicators for confirmation.
Potential Price Target:
Measurement: The potential move post-breakout can be estimated by measuring the widest part of the triangle (the base) and projecting that distance from the breakout point. If Syscoin breaks out upwards from a triangle that had a base of, say, $0.10, from a breakout point at $1.20, the target would be approximately $1.30 ($1.20 + $0.10).
Time Frame: Given the long-term nature of this triangle, the breakout might imply a significant trend continuation or reversal. The longer the pattern takes to form, the more significant the breakout is likely to be.
Current Context:
At the time of this analysis, posts from X suggest an anticipation of a breakout towards a resistance level at $1.35 from a descending wedge reversal, which could align with the dynamics of a symmetrical triangle if we extend our timeframe. However, these are user interpretations and should be taken with caution as market sentiments can change.
Conclusion:
The massive triangle pattern in Syscoin's price chart against USD at a high time frame presents a significant opportunity for traders. The key is patience for a confirmed breakout, watching volume for confirmation, and setting appropriate targets based on technical measurements. However, as with all technical patterns, traders should be prepared for the possibility of a false breakout and use additional indicators for confirmation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.