MYX/USDT has broken out of the 4H symmetrical triangle and is now retesting the breakout area around 3.1–3.2, making the bullish setup valid as long as this zone holds.
The price compressed between a descending resistance line and an ascending support line for weeks, then finally broke above the upper boundary and made a local high near 3.4–3.5 before retracing.
The ascending base trendline currently intersects just below 3.0; this, combined with the old triangle top near 3.1, creates the necessary support for a breakout.
Buyers defend 3.0–3.1 and move back up from here, then continue the uptrend towards 3.8–4.0, followed by 4.5 and 5.0 as indicated by the arrows.
A clear 4H close below 3.0 and inside the triangle would turn this into a fakeout and reveal a lower level with rising support, so that zone is a logical invalidation for the current bullish bias.
DYOR | NFA
The price compressed between a descending resistance line and an ascending support line for weeks, then finally broke above the upper boundary and made a local high near 3.4–3.5 before retracing.
The ascending base trendline currently intersects just below 3.0; this, combined with the old triangle top near 3.1, creates the necessary support for a breakout.
Buyers defend 3.0–3.1 and move back up from here, then continue the uptrend towards 3.8–4.0, followed by 4.5 and 5.0 as indicated by the arrows.
A clear 4H close below 3.0 and inside the triangle would turn this into a fakeout and reveal a lower level with rising support, so that zone is a logical invalidation for the current bullish bias.
DYOR | NFA
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.