Updated

Symmetrical Triangle, Upside Break-out or Fake-out?

Here we have a classic symmetrical triangle which is usually a continuation pattern but occasionally, albeit seldom is a reversal. Symmetrical triangles need at least two high points and two low points to be valid, so it would appear that we have a break-out to the upside which would take us up to ~7105. That being said, I have my doubts that the break-out isn't really just another fake-out. Volume didn't increase and the break-out has stagnated. break-outs are usually confirmation yet it doesn't seem as if anyone bought it. This is incredibly risky to trade here folks and likely wouldn't be worth the risk/reward. If this is actually manipulation, I expect the price action to turn and head towards ~5800. For now, let's wait and see if there is more uncertainty or further confirmation.

This isn't financial advice it's just my opinion, feel free to share yours.

Cheers!

Trade closed: target reached

Target reached. Will be doing new analysis

Solokin

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Solokin