Bitcoin - Symmetrical Triangle Pattern.
BTCUSD UPDATE: The chart is showing us The Symmetrical Triangle chart pattern.
RSI & MACD are supporting further upward movement in 1h chart by showing positive divergence (continuation).
The price is hovering at strong support level formed by MA50 level & support level of 11,261. If the Price can't bounce from this area it is likely continue move further downwards.
Buy orders should be set above swing high of 12,300 level and above MA100 level. Stop-loss should be set below strong support area at 9,700 level. MA100 level has acted as a resistance and when breached this is giving us confirmation of further upward movement.
Partial Profit Targets at 14,253 & 14900 levels. Main profit targets at 17,000 and 20,000 levels.
TIP: Only trade from the breakouts and confirmed signals. Down below I have listed important things to note about the Symmetrical Triangle.
About the Symmetrical Triangle Pattern:
-> 66% of time meets it's up target.
-> Known from Traps that occurs after breakouts
-> Breakouts tends to be explosive
-> At least 2 points are required to form a trend line
and 2 trend lines are required to form the symmetrical triangle pattern.
-> Volume starts decreasing when extending towards the apex.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM 1.29% in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
RSI & MACD are supporting further upward movement in 1h chart by showing positive divergence (continuation).
The price is hovering at strong support level formed by MA50 level & support level of 11,261. If the Price can't bounce from this area it is likely continue move further downwards.
Buy orders should be set above swing high of 12,300 level and above MA100 level. Stop-loss should be set below strong support area at 9,700 level. MA100 level has acted as a resistance and when breached this is giving us confirmation of further upward movement.
Partial Profit Targets at 14,253 & 14900 levels. Main profit targets at 17,000 and 20,000 levels.
TIP: Only trade from the breakouts and confirmed signals. Down below I have listed important things to note about the Symmetrical Triangle.
About the Symmetrical Triangle Pattern:
-> 66% of time meets it's up target.
-> Known from Traps that occurs after breakouts
-> Breakouts tends to be explosive
-> At least 2 points are required to form a trend line
and 2 trend lines are required to form the symmetrical triangle pattern.
-> Volume starts decreasing when extending towards the apex.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM 1.29% in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
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