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BTCUSD - Symmetrical Triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi All,

Previous Bear Flag and Raising Wedge Target is complete and lets see latest pattern.

Since Daily Stoch still bearish , we probably will go another bear pattern. Symmetrical Triangle. Symmetrical is a Continuation Pattern. Since the Entry is from bearish trend , it will continue going downwards. MACD and stoch RSI in 2 hours look bull, but probably denied due to bear trend in day chart. Just monitor on the breakout and spike in volume .

*This TA is for Educational purpose and not a financial advise. If you are happy with my charts and would like to follow more in the future, feel free to follow my profiles.

Trade active: We have few scenario
1. Rounding Bottom
it can be a breakout if reached red box...or forming a cup and handle due to Stoch RSI is at overbought. previous high can become it new resistant and the reason why handle for cup and handle is formed. Look closely at the breakout.
Comment: 2. Still within Symmetrical Triangle
volume still decreasing and the pattern still can be drawn as symmetrical triangle. look at the breakout for a sell position.
Comment: 3. Ascendeing Triangle
This pattern is either a bull or a bear. just look closely on the breakout.
Trade active: Dear All,

Good morning, today we noticed some breakout for the symmetrical Wedge.

You can see both MACD and Stoch RSI is in bear favor. bull is ded
Comment: I created another TA on the details of this breakout. Price target, and the previous support/resistant including SMA line.

Comments

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