RVNBTC | Apex | Symmetrical Triangle | Breakout Imminent
Todays chart – RVNUSDT – Attempting to break the symmetrical triangle formation as it nears the apex
Points to consider:
- support and resistances converging (apex)
- Bullish Price action (sellers bought up)
- RSI above 50
- Strong volume
RVN trading within a mature symmetrical triangle where buyers have consistently bought up the sellers throughout the formation.
RSI breaking above 50 showing increasing strength in the market supporting the bullish bias.
Strong volume node is present, increasing volume follow-through is key for a continuation of this break.
Overall, in my opinion, a bullish breakout is imminent. A long trade will be validated on a retest of the neckline (conservative entry) or a break of the formation (aggressive entry) as both technical targets align with structural resistance.
What are your thoughts? Let me know in the comments below!
Be sure to leave a like and follow me for daily chart updates.
As always, focus on you - and the money will too!
Points to consider:
- support and resistances converging (apex)
- Bullish Price action (sellers bought up)
- RSI above 50
- Strong volume
RVN trading within a mature symmetrical triangle where buyers have consistently bought up the sellers throughout the formation.
RSI breaking above 50 showing increasing strength in the market supporting the bullish bias.
Strong volume node is present, increasing volume follow-through is key for a continuation of this break.
Overall, in my opinion, a bullish breakout is imminent. A long trade will be validated on a retest of the neckline (conservative entry) or a break of the formation (aggressive entry) as both technical targets align with structural resistance.
What are your thoughts? Let me know in the comments below!
Be sure to leave a like and follow me for daily chart updates.
As always, focus on you - and the money will too!