Bitcoin in Symmetrical Triangle again - Wait for the breakout
Updated
Another symmetrical triangle is developing on the BTCUSD chart. It was few days ago when I took a losing trade on a similar triangle breakout. I m completely fine taking short trades like this especially if the risk reward is so nice (last time it was 2.5:1) and the overall trend lines up with my trade.
I d love to see a breakout to the DOWNSIDE since the overall market is bearish and the higher timeframes extremely bearish as well. If it breaks to the upside I d like to have some extra confirmation along with the breakout. I am not comfortable taking long trades on a bear market like this without SERIOUS evidence. A breakout is not enough!
I d love to see a breakout to the DOWNSIDE since the overall market is bearish and the higher timeframes extremely bearish as well. If it breaks to the upside I d like to have some extra confirmation along with the breakout. I am not comfortable taking long trades on a bear market like this without SERIOUS evidence. A breakout is not enough!
Comment
Triangle is more clear now that is has 3 points of touch on each trendline, for a total of 6 points of touch. It's very likely to have a breakout during the next 12-24h.Comment
Breakout to the upside with huge volume. I had no chance to catch this move since I needed confirmation in order to go long in a downtrending market like this. As confirmation I would be using a H4 close above the downtrend line of the triangle but the move was so fast and huge so there was no opportunity to enter the market. I m not going to chase this move cause that would be pure FOMO and not technical trading.
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