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nrhayes91
May 19, 2020 11:09 PM

Symmetrical triangle. Trade the breakout! 

Bitcoin / United States DollarCoinbase

Description

As you can see, BTC is forming another symmetrical triangle. Lately, they have been tending to break out to the upside. I do feel the volume gap near 7800 still needs to be filled. However, I don't like to guess the direction of the breakout as this is considered a neutral pattern.

Buying or selling the breakout is a solid way to trade these patterns. Set your stops appropriately. Patience will win this trade.

Entrys and exits are listed on the chart.
Good luck.
Comments
Zaysomthing
I would trade If the 6hr candle on the upside is green. I'll long all day with that!
nrhayes91
@zayone0778, Agreed. Patience is the key for these patterns. I like trading 4H closures, but 6H works too.
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