Spotting the Symmetrical Triangle
In this BTC/USD two-hour chart lower, we see a downtrend as the sellers push the market lower. After a recent swing high, the market starts making the lower highs, while on the other side of the market we witness the higher lows. Hence, this consolidation phase within a downtrend is formed within the symmetrical triangle.
The symmetrical triangle tells us that the market is currently undecided about the future direction of the price action.
NOTE: Stay on the sidelines for as long as the market is ranging and until there is a high certainty that the breakout/down is imminent. We should always wait for the price to leave, and ultimately close, outside of the triangle to make sure that we are not dealing with a failed breakout.
The symmetrical triangle tells us that the market is currently undecided about the future direction of the price action.
NOTE: Stay on the sidelines for as long as the market is ranging and until there is a high certainty that the breakout/down is imminent. We should always wait for the price to leave, and ultimately close, outside of the triangle to make sure that we are not dealing with a failed breakout.
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