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RaduV
Jan 26, 2018 11:03 AM

BTCUSD - Symmetrical Triangle Forming 

Bitcoin / U.S. dollarBitstamp

Description

BTC continues it's bearish channel. During next period it can bounce anywhere between the Support and Resistance of the channel.

Zooming in within the channel, BTCUSD is forming a symmetrical triangle, which in this setup indicates a bearish next movement. If triangle breaks, next support is around 9200. On the otherside, indicators point that the bears are tired...

The red and blue lines represent important support and resistance lines, which were tested previously several times

Comments
darkandblue
a symmetrical triangle cna be broken both ways, no?
RaduV
@retiringsoon1, yes! But same time it's a continuation pattern. On bearish trend, likely to break support
darkandblue
@RaduV, correct but the previous one from the dec 18th till year end broke upwards
RaduV
@retiringsoon1, let's hope it does it again:)
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