BTCana

Bitcoin price seeing symmetrical triangle formation again

OKCOIN:BTCUSD   Bitcoin / Dollar
Previous idea was an ascending triangle it turns out to be a flag formation which are trading between two trend lines that are parallel. Now the flag formation have seen an downward break out. Seeing the symmetrical triangle formation traders should wait for a break out before entering any positions.

Symmetrical triangle information : Upward Breakouts Average rise 31%(bull market) 26%(bear market)
Downward Breakouts Average decline 17%(bull market) 19%(bear market)
Statistics: “I Don’t Believe the Numbers” average rise/decline represents perfect trades. A perfect trade is one in which you buy at the breakout price and sell at the ultimate
high—the highest high before prices decline

Looking for a possible upwards break out using Aroon (50) and break the long term 600USD/BTC resistance as well.
Traders willing to take a bigger risk should enter a long position now wait to see an upward breakout.

We can see parallel lines formed in the Aroon indicators which validates that prices are in a consolidation period.

The triangle formation also ends in the region of the kumo which adds more confirmation that prices will continue consolidating in that region as well.

1 HOUR TIME FRAME ANALYSIS

My instagram @_cole_mantt
Comment: Trade is still active , however the formation is not the best and some touch up should be done.
Trade closed manually: To redo TA
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