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SYNUSD 12/2/2024

DSYNUSD Daily Chart Analysis

The chart for DSYNUSD presents a classic bullish setup, contingent on BTC maintaining its strength. Here's the breakdown:

Pattern Formation:

1) Price has been forming an ascending triangle since August 2024.
A breakout from this pattern occurred recently, signaling bullish momentum.
Breakout Confirmation:

2) We now have multiple daily closes above the resistance line of the triangle.
The most recent candlesticks are smaller, indicating a pause or consolidation near the breakout level.
Volume Analysis:

3) A notable volume spike accompanied the breakout, adding validity to the move.

Trade Plan:

- Position: Long
- Stop Loss: Below the breakout level to account for potential pullbacks.
- Target: Measure the height of the triangle and project it upward to determine a price target.

This setup looks promising, especially if BTC maintains its current levels or continues upward.

Entry: 0.725
Stoploss: 0.0609, -15.42%
Target: 1.384, +92.22%
Chart PatternsTriangle

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