UnknownUnicorn13678091

SNX/USD 1D Breakout Pattern

Long
COINBASE:SNXUSD   Synthetix
Idea

SNX/USD is on the brink of a potential breakout to the topside on the 1D chart @ 14.90. The set up seems to suggest a bullish continuation for SNX/USD up to about 20.00 in the short term.


Price Structure

Top Trendline: 14 Feb ‘21 @ 29.00, 18 May ‘21 @ 25.90

Bottom Trendline: 26 Jun ‘21 @ 5.50, 21 Jul ‘21 @ 7.10, 07 Sep ‘21 @ 9.30

Middle Trendline (Breakout): 11 Jul ‘21 @ 14.95, 21 Aug ‘21 @ 14.50, 15 Sep ‘21 @ 14.90


Conclusion

This is a short term trade idea so take your profits @ 20.00 (do not be greedy). The difference between the middle trendline and bottom trendline is roughly $5.00 so if we tack that on to the potential breakout level of 14.90 we get 19.90. We also had an exponential moving average crossover on the daily (12-26) 13 Sep ‘21. Bitcoin is “golden crossing” which helps the case for our trade. Good luck!
Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.