Symmetric triangle plus trading setup
Updated
Observed symmetric triangle in progress.
Current price drop could be supported at the previous long-term bearish trend line along with the support zone where 50, 100, 200 EMAs are.
However, found a clue from broken RSI channel which could mean EMAs I suggested above could be broken any time soon. Seems like it is more likely to find support at the short-term bullish trend line (indicated in bright green).
If lost SL at early $ 6,500s.
If lost, that would be a great entry point for those who short and for those who long, probably have to wait till retesting the longer-term bullish trend line (indicated in darker green).
Current price drop could be supported at the previous long-term bearish trend line along with the support zone where 50, 100, 200 EMAs are.
However, found a clue from broken RSI channel which could mean EMAs I suggested above could be broken any time soon. Seems like it is more likely to find support at the short-term bullish trend line (indicated in bright green).
If lost SL at early $ 6,500s.
If lost, that would be a great entry point for those who short and for those who long, probably have to wait till retesting the longer-term bullish trend line (indicated in darker green).
Note
Support at short-term bullish trend line confirmed
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.