PAIR: ONTBTC BROADENING FORMATION, RIGHT ANGLED AND ASCENDING
The right-angled and ascending broadening chart pattern is one you should consider trading with caution.Upward breakouts have only a middling average rise, and that's if you trade them perfectly
Percentage meeting price target for up/down breakouts: 68%; 40%.
Price trend Can be up (73% have a rising price trend) or down (27%) leading to the pattern. The Shape looks like A megaphone tilted up with the bottom horizontal.
The bottom trendline is horizontal, the top one slopes upward.
Touches At least five touches total, three peaks or three valleys should touch the associated trend line with two or more touches of the other trendline. Ideally, the second of three touches will touch (instead of coming 'close' to) the trendline.
Volume Trends upward 61% of the time and downward 36% of the time. Breakout Upward 54% of the time.
Intraformation trade - Buy at the horizontal trendline when price starts rising and sell or sell short once price turns at the top trendline.
Buy at 3rd touch, When price touches the horizontal trendline for the third time and begins rising, buy.
TECHNICALS SUGGESTS that the price is currently at the third touch of the horizontal line of the broadening formation.
A short buy signal is triggered at this level, as the STOCHASTIC RSI is fully oversold.
BUY: 0.0005103sats( OR AT CURRENT PRICE AND HOLD TILL TARGET REACHED)
STOP LOSS: 0.0004898
A long entry will be achieved when price breaksout of the diagonal resistance.
BUY : 0.0005728sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.