4 hour symmetrical triangle forming, more downside to come?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
XBT/USD is currently forming a symmetrical triangle follow the drop from $11,500. Price tapped the .886 fib at 9500 or so and has climbed back up, but BTC now finds itself within this symmetrical triangle formation; and symmetrical triangles generally follow the previous trend, which is down in this case. BTC is also below all of my key 4 hour moving averages. Taking the measured move of the potential drop, that would put the price around 8600, which also coincides with the 20 week moving average, which was a major moving average that was held all throughout the 2017 run up to 20k. Testing this 20 week moving average will be massive, as it may gives clues to whether BTC is really going to new ATH's, or this entire rally was manufactured by a large player to exit their btc positions at a more desirable price. Either way, we need to wait and see what happens at the 20 week moving average should price drop. On the flipside, if prices break up, 10.8-11.2 will be a tough resistance zone given the daily moving average confluence, fib levels, and prior price history. Ultimately, I think the bears have control below 11,200.

MA Guide:
10 MA in Orange.
20 MA in Pink.
50 MA in Green.
100 MA in Yellow.
200 MA in Red.
200 EMA in Blue.

Area's to watch on the downside:
-100 day MA (currently around 9800.)
-.886 fib around 9500.
-20 week moving average (currently around 8600.)

Area's to watch on the upside:
-0.382 fib level near 11,100.
-10/20/50 daily MA confluence around 10,800.
-0.5 fib level near 10,700.

I also just opened my own free telegram channel for those interested (I post my thoughts and trades):

-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.

-As a side note, if you would like to support a college kid and the TA I do, I accept BTC /ETH/LTC/ USDC donations. Any and all donations are greatly appreciated and really do help me out! Thank you to all you who donate. :)

BTC: 3F13946JWfNskLDu2oi3FTRV65FV9yK7U8
ETH: 0xe032430f158966F4118af917b5F1e024949697bB
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
USDC: 0x1F6d47a9330897d6043886d64738A2E255dd0b92

Comment: Daily view: Weekly view:
Comment: Fib levels:
Comment: Price has respected these fib levels incredibly well:


Well pennant catch !!
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