BTCUSDThis symetric triangle is about to break, its consolidating with declining volume so a volatile breakout is to be expected.
According to investepedia:
The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point.
I've marked both scenarios (breakout / breakdown), the price targets are mapped using the purple vertical lines.
In the case of a breakout we see this pricetarget matches the Fibonacci golden pocket (~48k-49k), in the case of a breakdown the pricetarget is around ~25k-23k
Always wait for confirmation and be weary of fake breaks.
Note
This was clearly a fakeout (imho due to: twitter.com/elonmusk/status/1400620080090730501) but i do feel like today the explosion will happen
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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.