Technical analysis by rudcharts about Symbol SYN: Buy recommendation (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%0.609