BTCUSD price has continued to range between $7812.1 down to $7117.0 for 17days without no valid breakout. with more and more rejection wicks, BTC price chart has gradually formed a symmetrical triangle chart pattern.
A symmetrical triangle chart pattern is an undecided chart pattern that mainly focuses on any or the directional breakout.
This means price could breakout or breakdown, all these are based on where the body of the candlestcik closes.
Breakout to the upward 60% of the time and 73% of the way to the triangle apex (upward breakout) and 74% of the way for downward breakouts.
At the same time, bollinger bands are coming together which shows sign of yet another mid-term price consolidation.
Breakout also comes with the descending volume profile. The touches inside the pattern are very important.
Price must touch one trendline at least three times and the other trendline at least twice, forming distinct valleys and peaks.
If price holds its level and breakout the upside, the following targets below are very important:
Breakout level: $7896.1
Resistance 1: $8194.8
Resistance 2: $8466.1
Resistance 3: $8870.7
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The above mentioned currency can be traded on primexbt.com
For more educational content, follow us on youtube:
www.youtube.com/channel/UCzH0C03
A symmetrical triangle chart pattern is an undecided chart pattern that mainly focuses on any or the directional breakout.
This means price could breakout or breakdown, all these are based on where the body of the candlestcik closes.
Breakout to the upward 60% of the time and 73% of the way to the triangle apex (upward breakout) and 74% of the way for downward breakouts.
At the same time, bollinger bands are coming together which shows sign of yet another mid-term price consolidation.
Breakout also comes with the descending volume profile. The touches inside the pattern are very important.
Price must touch one trendline at least three times and the other trendline at least twice, forming distinct valleys and peaks.
If price holds its level and breakout the upside, the following targets below are very important:
Breakout level: $7896.1
Resistance 1: $8194.8
Resistance 2: $8466.1
Resistance 3: $8870.7
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice.
The above mentioned currency can be traded on primexbt.com
For more educational content, follow us on youtube:
www.youtube.com/channel/UCzH0C03