Hello guys!
Pattern Identified:
This is a Right-Angle Broadening Formation (characterized by a flat resistance level at the top (around $4,200 – $4,300) and a rising lower trendline). It shows increasingly volatile swings upward while repeatedly testing the same ceiling.
Technical Implication:
RABFs are typically bullish continuation patterns. The flat top acts as a breakout trigger, while the rising base indicates consistently higher lows and aggressive buyer support.
Price Objective:
According to the pattern’s measured move principle, the breakout target is projected by the vertical height of the formation, added to the breakout point:
Key Levels:
Bullish Scenario:
Strong daily close above $4,300 with volume could kickstart a rapid move toward the first target, possibly with only a brief consolidation at $5,100 before continuation.
Pattern Identified:
This is a Right-Angle Broadening Formation (characterized by a flat resistance level at the top (around $4,200 – $4,300) and a rising lower trendline). It shows increasingly volatile swings upward while repeatedly testing the same ceiling.
Technical Implication:
RABFs are typically bullish continuation patterns. The flat top acts as a breakout trigger, while the rising base indicates consistently higher lows and aggressive buyer support.
Price Objective:
According to the pattern’s measured move principle, the breakout target is projected by the vertical height of the formation, added to the breakout point:
- Height : $2,070
- Breakout point : $4,300
- Target : $6,370 (first objective)
- Extended bullish run could reach $8,500 if momentum sustains.
Key Levels:
- Resistance: $4,200 – $4,300 (breakout trigger)
- Support: $3,700, then $3,200
- First measured target: $6,370
- Extended target: $8,500
Bullish Scenario:
Strong daily close above $4,300 with volume could kickstart a rapid move toward the first target, possibly with only a brief consolidation at $5,100 before continuation.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.
👉 My recommended broker: bit.ly/HYMCMELI
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
____
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
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.