BTCUSD Bearish Symmetric Triangle Negates Double Bottom

Updated

Unfortunately, the bears are strong and they drag bulls once again down in the mud. Now we can see a symmetric triangle has formed, showing the fight between bulls and bears is about to have a conclusion. Symmetric triangle usually marks the continuation of the trend. Last time we see a giant symmetric triangle on 4-hour chart was before the 6k drop. We could expect to see a break down in the near future.

The downward target for the current symmetric triangle is 5k-5k4

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Seems we could have one more bounce to around 7000

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The consolidation might be a preparation for one more drop. Then it will bounce back to 7000 and make a final decision.

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Rising wedge on 15-min chart forming. 7k might be too far away.

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Bulls are turning rising wedge into a rising channel. There are many big buyers around 6700 level. Big players are fighting with money.

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We are on the edge of the giant falling wedge and the symmetric triangle on the log chart. A upward breakout above 7100 will be a bullish confirmation.

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Breakout from the symmetric triangle. Upward target 8k

Callmepope

We don't trade patterns. We draw them.

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