SNXUSDT (SYNTHETIX NETWORK TOKEN) - POTENTIAL BREAKOUT
ANALYSIS 🔎
- SNXUSDT was bounded in the falling wedge (FW) pattern.
- A falling wedge pattern is a reversal pattern.
- A bullish pattern to be precise.
- Price brokeout above the falling wedge's resistance.
- The market is consolidating in a rectangular pattern.
- This rectangular pattern consolidation is known as the accumulation phase (wyckoff method).
- The accumulation phase is a pre uptrend phase (bullish build up).
BUY ENTRY ⬆️
- Breakout above the accumulation phase horizontal resistance level.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
SETUP INVALIDATION ❌
- Breakdown below the accumulation phase horizontal support level.
- This breakdown invalidation will probably lead to the retest of the falling wedge's support.
- SNXUSDT was bounded in the falling wedge (FW) pattern.
- A falling wedge pattern is a reversal pattern.
- A bullish pattern to be precise.
- Price brokeout above the falling wedge's resistance.
- The market is consolidating in a rectangular pattern.
- This rectangular pattern consolidation is known as the accumulation phase (wyckoff method).
- The accumulation phase is a pre uptrend phase (bullish build up).
BUY ENTRY ⬆️
- Breakout above the accumulation phase horizontal resistance level.
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Horizontal resistance level (R3).
SETUP INVALIDATION ❌
- Breakdown below the accumulation phase horizontal support level.
- This breakdown invalidation will probably lead to the retest of the falling wedge's support.