FORTH has successfully broken out of a multi-month descending triangle pattern on the daily chart. This breakout is a significant development, as the price had been consolidating and forming lower highs since May.
The recent strong bullish candle has closed above the upper trendline of the triangle, confirming the breakout. The measured move target for this pattern is indicated on the chart, pointing towards a potential price target of around $4.10.
Key Points:
* Breakout Confirmed: The daily close above the descending trendline validates the bullish move.
* Target: The measured move suggests a potential target of $4.10, which would represent a substantial gain from the current level.
* Support: The previous resistance trendline should now act as a support level. Any retest of this line could be seen as a buying opportunity.
This breakout indicates a potential shift in momentum from bearish consolidation to a new bullish trend.
The recent strong bullish candle has closed above the upper trendline of the triangle, confirming the breakout. The measured move target for this pattern is indicated on the chart, pointing towards a potential price target of around $4.10.
Key Points:
* Breakout Confirmed: The daily close above the descending trendline validates the bullish move.
* Target: The measured move suggests a potential target of $4.10, which would represent a substantial gain from the current level.
* Support: The previous resistance trendline should now act as a support level. Any retest of this line could be seen as a buying opportunity.
This breakout indicates a potential shift in momentum from bearish consolidation to a new bullish trend.
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
🚀 Join my Telegram community for free crypto signals, entry/exit points, and real-time market updates!
👉t.me/CryptoPrime18
👉t.me/CryptoPrime18
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.