BITCOIN 😐 Symmetrical Triangle ⚠️

If it breaks bullish... we'll have fireworks.

Neutral price movement since supply and demand converge at an equal point.

Is it a reversal or continuation?

Probability = 50%
Risk to Reward = 1:5

Note

Lack of volume on break out of triangle...
could just be a sideways consolidation to form a larger structure...

Note

🔍 Not exactly a volume spike, but it's a positive sign... because of the small move out of the triangle.. my feeling is that it may not hit the price target. Looking to move Stop Loss to break-even soon.

❓ Another possibility is that whales may wick the price down to take out Stop Losses and then run the price up again to form a Bull Flag???

Note

🚨 Actually, too late for a Bull Flag... more like a Falling Wedge 🧀 ...if whales test supply some below the triangle and demand takes it back up. Just a possibility... not a probability.

Note

Breakout in progress with a clear shift from consolidation to uptrend! Moved Stop Loss up. 😅

Note

The symmetrical triangle without a real breakout set the tone for a sideways consolidation. Based on indicators, the probability of either direction is 50%. But the increasing Bear Volume has me worried. Therefore, I'm looking to exit this position sooner than later.

Trade closed: stop reached

Stopped Out for a tiny loss (near break-even on my entry). I don't see a reason to be in this trade anymore. Price failed to break out convincingly of symmetrical triangle.

ChartCinema

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