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CND BTC Binance - ascending triangle reversal pattern?
I like Cindicator and admittedly I'm a bit emotional about the project. BUT, I don't trade it, I merely accumulate it.
I've been seeing a slightly messy, but still apparent ascending triangle pattern visible on the 4-hourly for CND. Obviously, ascending triangles are frequently continuation patterns and the momentum for CND has been overwhelmingly bearish for months how, up until the last few weeks however (it has bottomed out at around 250 sats or so).
Since that's the case, I'm calling this a messily drawn ascending triangle reversal pattern, and I'm strongly suspecting this will break to the upside. Target should be around 355 sats if you use the lefthand side of the triangle to measure the breakout. However, I would think stops should be somewhat below that (maybe 340ish) to be conservative.
Obviously a BTC breakdown will invalidate all of this, since CND very closely follows the fortunes of Grandpa.
I've been seeing a slightly messy, but still apparent ascending triangle pattern visible on the 4-hourly for CND. Obviously, ascending triangles are frequently continuation patterns and the momentum for CND has been overwhelmingly bearish for months how, up until the last few weeks however (it has bottomed out at around 250 sats or so).
Since that's the case, I'm calling this a messily drawn ascending triangle reversal pattern, and I'm strongly suspecting this will break to the upside. Target should be around 355 sats if you use the lefthand side of the triangle to measure the breakout. However, I would think stops should be somewhat below that (maybe 340ish) to be conservative.
Obviously a BTC breakdown will invalidate all of this, since CND very closely follows the fortunes of Grandpa.
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