Analyzing the Asymmetric Triangle Breakout $BITGET:TAOUSDT

11 Apr 2024

TAOUSDT Reaching a pivotal juncture that will dictate the asset's trajectory. Technical analysis of the daily chart reveals a pattern of descending peaks. Confirmation of the emerging symmetrical triangle on the D1 timeframe could signal a potential retracement to the 0.1400 price zone. The H1 chart exhibits a bullish trend, projecting upwards until the critical resistance level at 0.1900. Short-term trading strategies should consider the H1 timeframe viable only up to this critical threshold. For more extended duration trading, it's advisable to monitor for either a bullish breakout or a bearish rejection at the apex of the asymmetrical triangle on the H1 chart. Should there be a breakout of the triangle on the H1, the secondary target is set at 0.20100.