Symmetrical Triangle Pattern. Target 143 to 175
Hi everyone,
I'm plotting this symmetrical triangle with potential targets wherever the pattern is going to, up or down.
Symmetrical Triangle patterns are mostly a continuation pattern. Since we're coming from a down trend, we may continue going down. See Targets 1 & 2. We can also see if we use Fibonacci Retracement from swing low (236) to swing high (387), targets 1 & 2 is almost the same as 1.414 and 1.618 level.
Still, there's a small chance that we will go up. See Target 3. If we use Fibonacci Retracement again from swing high (686) to swing low (236), target 3 is almost the same as 0.618 level.
Cheers,
Juvs
I'm plotting this symmetrical triangle with potential targets wherever the pattern is going to, up or down.
Symmetrical Triangle patterns are mostly a continuation pattern. Since we're coming from a down trend, we may continue going down. See Targets 1 & 2. We can also see if we use Fibonacci Retracement from swing low (236) to swing high (387), targets 1 & 2 is almost the same as 1.414 and 1.618 level.
Still, there's a small chance that we will go up. See Target 3. If we use Fibonacci Retracement again from swing high (686) to swing low (236), target 3 is almost the same as 0.618 level.
Cheers,
Juvs
Note
We're near the top of the triangle. Do we breakout from here (dashed green line) or do we crash (dashed red line)?GREEN LINE: It needs to break the resistance and make it a support by bouncing off the top of the triangle before heading to our target.
RED LINE: It needs to break down the support, go up to test as resistance, and go down to our target.
Note
BNB just broke out of our triangle to the upside. We want to see a test on the triangle before moving to the upside
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.