BTC: Symmetrical Triangle
Bitcoin seems to be consolidating inside a Symmetrical Triangle.
This would be a confirmed bearish continuation pattern if the last of these 3 phases completes:
1) Background: A Strong impulsive, thrusting action with a surge in volume & price establishes a clear picture of the controlling bearish trend direction. In our symmetrical triangle price pattern, it is represented visually by a Pole. Deeper and more drama the better, as the Pole is the Key to recognizing the potential for the continuation of the pattern. The Pole represents trend direction as well as its strength & often this pattern is initiated as a new breakdown in price from an established area & sellers are in control.
2) The second phase is a pause for consolidation of the action both in volume & price and is represented by the symmetrical triangle .
3) The pattern confirms as a bearish continuation pattern if the action creates a new bearish breakdown with a surge again from the bears in both volume & price.
This would be a confirmed bearish continuation pattern if the last of these 3 phases completes:
1) Background: A Strong impulsive, thrusting action with a surge in volume & price establishes a clear picture of the controlling bearish trend direction. In our symmetrical triangle price pattern, it is represented visually by a Pole. Deeper and more drama the better, as the Pole is the Key to recognizing the potential for the continuation of the pattern. The Pole represents trend direction as well as its strength & often this pattern is initiated as a new breakdown in price from an established area & sellers are in control.
2) The second phase is a pause for consolidation of the action both in volume & price and is represented by the symmetrical triangle .
3) The pattern confirms as a bearish continuation pattern if the action creates a new bearish breakdown with a surge again from the bears in both volume & price.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.