BCHUSDT 1D long setup playing the ascending triangle pattern
Updated
TA Explained
BCHUSDT is building a huge ascending triangle pattern. Price just bounced on the bottom line showed support again and a bounce happened. There is a horizontal resistance area which is tested multiple times so far. Another attempt to break it would reach our first target. If it gets broken we can expect a big price rise towards the other targets.
SL is put well below the lower trendline to survive a fake out or a small/medium bearish move in the market.
SL is at 8.5% of the average entry so it advised not to use more than 3x leverage max. for ~25% risk on the position.
Trade setup
Best entries: 226.50 - 231.50
TP1: 270.00
TP2: 308.67
TP3: 345.94
SL: 209.50
RR: 6
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
BCHUSDT is building a huge ascending triangle pattern. Price just bounced on the bottom line showed support again and a bounce happened. There is a horizontal resistance area which is tested multiple times so far. Another attempt to break it would reach our first target. If it gets broken we can expect a big price rise towards the other targets.
SL is put well below the lower trendline to survive a fake out or a small/medium bearish move in the market.
SL is at 8.5% of the average entry so it advised not to use more than 3x leverage max. for ~25% risk on the position.
Trade setup
Best entries: 226.50 - 231.50
TP1: 270.00
TP2: 308.67
TP3: 345.94
SL: 209.50
RR: 6
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
Trade closed: stop reached
BCHUSDT broke down the trendline invalidating the ascending wedge. Hit our SL and is now retracing. Could be a fake out or the start of a new trend downwards. Lets monitor the development of the price.SL was reached with 8.5% or 25.5% with 3x leverage.
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