Symmetrical Illuminati Triangle on UNFI/USDT.P on MEXC exchange
Looks to me like a Symmetrical Triangle here on UNFI/USDT.P on MEXC which these break to the UPSIDE 60% of the time.
Also worth noting that the bands around the Swing Trade Pros DMI (Directional Movement Indicator) I am using here is squeezing. This usually indicates a POP once they BREAK out of these bands.
Worth keeping an eye on if you are trading this coin. However with a lot of uncertainty around BTC lately, perhaps BTC will sink lower bringing this ALTcoin down with it.
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From Thomas Bullkowsi site:
The consolidation pattern of the symmetrical triangle forms as volume recedes. Then, price breaks out downward, but within a few days, price reverses and shoots out the top of the symmetrical triangle, busting the pattern and leading to a strong move upward.
Busted patterns (when the breakout is in one direction only to see price reverse and breakout in the opposite direction) often result in strong moves. However, symmetrical triangles have a tendency to double bust -- the final breakout direction is the same as the original one.
What direction to do you think it will go?
Also worth noting that the bands around the Swing Trade Pros DMI (Directional Movement Indicator) I am using here is squeezing. This usually indicates a POP once they BREAK out of these bands.
Worth keeping an eye on if you are trading this coin. However with a lot of uncertainty around BTC lately, perhaps BTC will sink lower bringing this ALTcoin down with it.
**
From Thomas Bullkowsi site:
The consolidation pattern of the symmetrical triangle forms as volume recedes. Then, price breaks out downward, but within a few days, price reverses and shoots out the top of the symmetrical triangle, busting the pattern and leading to a strong move upward.
Busted patterns (when the breakout is in one direction only to see price reverse and breakout in the opposite direction) often result in strong moves. However, symmetrical triangles have a tendency to double bust -- the final breakout direction is the same as the original one.
What direction to do you think it will go?