Long

$RXD Symmetrical Triangle Breakout Attempt?

Updated

is testing the top of the symmetrical triangle for the 5th time since mid-May. Price action has broken the triangle, but I wouldn't see this confirmed unless price is above the triangle 24 hours from now (judging from previous failed breakouts). If confirmed, I see a target of $0.0038. If not confirmed, price could re-test the lower bound of the triangle before another attempt in the coming weeks.

Note

(tradingview.com/symbols/RXDUSDT/) did indeed breakout, and swiftly moved to $0.003 where it's consolidating a bit at a previous resistance/support. This should not last long, and upward momentum towards the target should continue. Note: there are no other resistance/support zones until $0.0044!

Trade closed: target reached

Wow, that was quick! Target reached well ahead of schedule. If you set a limit order at the target specified, you would have perfectly executed the trade. The price has since re-tested the breakout, and I expect the target to be reached again.

BillyStaples

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.