Technical analysis by rudcharts about Symbol SYN: Buy recommendation (12/2/2024)

DSYNUSD Daily Chart AnalysisThe 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: 0.725Stoploss: 0.0609, -15.42%Target: 1.384, +92.22%0.609