Bitcoin's Symmetrical Triangle – a short trade possible here!Bitcoin is currently forming a symmetrical triangle on the 15-minute chart, with a falling resistance trendline and a rising support trendline. This setup is a classic indication of consolidation, and the price is likely to move for downside soon as it is reversing from upper band now. If Bitcoin manages to break above 83,737, we could see a breakout of this symmetrical triangle, On the flip side, if it breaks below the rising support, 82,313 could breakdown for downside and we can see further downside then, but now we are playing inside the symmetrical triangle only and we will try to book profit once price reaches lower band of the symmetrical triangle pattern.
Disclaimer: This analysis is for educational purposes only. Please consult a financial advisor before making investment decisions.
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