Channel Breakout + Retest = Best entry !!!
WLD is trading in a large parallel ascending channel on the daily timeframe. The price broke out above the upper trendline of the channel and retested it from the outside. This confirms the bullish breakout and suggests that the price is likely to continue to rise in the near future.
The parallel ascending channel:
The parallel ascending channel is a bullish pattern that is characterized by two parallel trendlines, one connecting higher lows and the other connecting higher highs. The price typically breaks out above the upper trendline, signaling a continuation of the uptrend.
The breakout:
The price broke out above the upper trendline of the channel on March 14, 2023. This breakout was confirmed by the increase in volume.
The retest:
The price has since retested the broken trendline and held. This retest confirms the bullish breakout and suggests that the price is likely to continue to rise in the near future.
The support level:
The support level is a price level at which the price is likely to stop falling and start rising. This is because there are a large number of buy orders at this level.
The bullish target:
The first bullish target is the $7.50 level, which is the top of the previous ascending channel. Further upside could see the price reach $8.00 or even higher.
Conclusion:
The WLD chart shows a bullish pattern. The price has broken out of a parallel ascending channel and retested the broken trendline. This suggests that the price is likely to continue to rise in the near future. Investors should always do their own research before investing in any cryptocurrency.
The parallel ascending channel:
The parallel ascending channel is a bullish pattern that is characterized by two parallel trendlines, one connecting higher lows and the other connecting higher highs. The price typically breaks out above the upper trendline, signaling a continuation of the uptrend.
The breakout:
The price broke out above the upper trendline of the channel on March 14, 2023. This breakout was confirmed by the increase in volume.
The retest:
The price has since retested the broken trendline and held. This retest confirms the bullish breakout and suggests that the price is likely to continue to rise in the near future.
The support level:
The support level is a price level at which the price is likely to stop falling and start rising. This is because there are a large number of buy orders at this level.
The bullish target:
The first bullish target is the $7.50 level, which is the top of the previous ascending channel. Further upside could see the price reach $8.00 or even higher.
Conclusion:
The WLD chart shows a bullish pattern. The price has broken out of a parallel ascending channel and retested the broken trendline. This suggests that the price is likely to continue to rise in the near future. Investors should always do their own research before investing in any cryptocurrency.
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