Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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Symmetrical Triangles is an another type of triangle chart pattern used by traders. Again like ascending and descending triangle it takes few weeks to few months for this type of pattern to be formed.
This pattern also consist of four parts:
1. Lower Ascending trend-line: It forms the support and generally have at-least two points, more the better. 2. Upper Descending (falling) trend-line: It forms the resistance in the pattern and have at-least two points, more the better. 3. Base: It is the vertical line drawn between lower trend-line, at which the pattern started to the trend-line opposite to it. The value of base is used to keep the minimum target amount. 4. Apex: It is the point where lower Ascending line and upper Descending line meets. Some traders used apex as the time in which the minimum targets is achieved.
Thanks, LiquidMEX
DISCLAIMER:!!!This is not to be considered financial advice is my personal opinion, always do your own research before entering or exiting trades as i will not be held liable for any of your trades!!!
@thesean, descending triangles come off a downtrend generally and need's a flat bottom this bottom has a higher low that is my bullish outlook now here is my bearish outlook on Bitcoin
LiquidMEX
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@thesean, It is always a good idea to be hedged in this market accordingly using the right RISK MANAGEMENT
@BankofEngland, Yes, I have always used the candle bodies instead of wicks to draw the lines. In OP he used the wicks at the top but bodies on the bottom. I think both are correct you just need to be consistent
LiquidMEX
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@BankofEngland, thanks appreciate the feedback check my other chart out
ferGOD
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WOOOOOOOOW NICE WORK MAN
CryptoHedge_DG80
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Dead in the water
LiquidMEX
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@CryptoHedge_DG80, nope not really was prepared for this drop as you can see my the chart below