BTC in classic Symmetrical Triangle / Coil Pattern.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It looks pretty clear to me in all of the higher time frames (4hrs to 1 month) that BTC is currently in a classic symmetrical triangle / coil pattern.

Why I see it:
Three of the higher lows on the bottom (green) trend-line combined with two of the lower highs on the top (blue) trend line make just that. A symmetrical triangle.

Breakout time frame:
Starting this trend on 2/5/18, the convergence of the trend-lines end around 8/12/18 for an approximate total of 190 day pattern outline.

It is written that an ideal breakout point happens within 1/2 to 3/4 of the length of this patterns structure. That is well depicted in the red shadowed box with green outlines.

Breakout direction:
In the book 'TA of Stock Trends', Edwards & Magee say that 75% of these patterns will be a continuation of the larger overall trend, though T. Bulkowski says a breakout upward will happen approx. 54% of the time.

Price Target:
The high in this pattern is roughly $11,709. and the low is approx. $6261. which has a difference of $5448.

It is commonly said that you can use the widest point of the pattern (from the Appex down to the green trend-line) and use that as a reference of measure from the point of the breakout. I'll call that 100% , or $5448.
T.Bulkowski states that from his studies, a breakout to the upside will yield approx. 75% of the width of the appex vs. 73% of the width for the breakout to the downside.

An 'example', and to be clear, I'm not calling this, I'm just regurgitating what has been written; might be something like this: 'If' this pattern broke out basically right on, or near, day 140 of it's cycle (where the red shadowed box by the end of the triangle goes through the trend lines ). Between the two authors I've cited .... if it broke to the upside on that day, the price would be approx. $8715 - And if if you added something between 75% to 100% of the value at the apex it would be adding approx. $4086 to $5448 to set a target of something between $12,801 to $14,163.

If you broke to the downside and used their methods of formulation as a price target - the approx. cost on the at the 3/4 point, or day 140 would be approx. $7088. and subtracting 73% to 100% of the width of the apex would be subtracting approx $3977. to $5448. from that $7080, for a target bottom of $3110 to $1640.

I'm not a bear and I'm not a bull - I'm just trying to see things a little more clearly.
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