SYS USD Syscoin massive triangle breakout

Analyzing Syscoin (SYS) to USD at a high time frame, one of the notable patterns that emerges is a massive symmetrical triangle formation. This pattern indicates a period of consolidation where the price action oscillates between two converging trendlines, one sloping downward from the highs and another sloping upward from the lows.

Potential Price Target:
Measurement: The potential move post-breakout can be estimated by measuring the widest part of the triangle (the base) and projecting that distance from the breakout point. If Syscoin breaks out upwards from a triangle that had a base of, say, $0.10, from a breakout point at $1.20, the target would be approximately $1.30 ($1.20 + $0.10).
Time Frame: Given the long-term nature of this triangle, the breakout might imply a significant trend continuation or reversal. The longer the pattern takes to form, the more significant the breakout is likely to be.

Current Context:
At the time of this analysis, posts from X suggest an anticipation of a breakout towards a resistance level at $1.35 from a descending wedge reversal, which could align with the dynamics of a symmetrical triangle if we extend our timeframe. However, these are user interpretations and should be taken with caution as market sentiments can change.


Conclusion:
The massive triangle pattern in Syscoin's price chart against USD at a high time frame presents a significant opportunity for traders. The key is patience for a confirmed breakout, watching volume for confirmation, and setting appropriate targets based on technical measurements. However, as with all technical patterns, traders should be prepared for the possibility of a false breakout and use additional indicators for confirmation.