BTCUSDT SYMMETRICAL TRIANGLE 21/5/2023
Updated
A symmetrical triangle pattern means a 50:50% chance to break up or down.
What can we do at this situation
1. Wait for Confirmation (breakout up / down) then enter trade at that direction
or
2. Open 30 - 50% of your normal position at Resistance of triangle 27200+- or support 26650. CL 1-1.5% Above / Below Trendline. Then wait for breakout.
*ex: If normally you play 1% in a 1K account which is 10u then only you use 3-5u to long/short inside this triangle.
What can we do at this situation
1. Wait for Confirmation (breakout up / down) then enter trade at that direction
or
2. Open 30 - 50% of your normal position at Resistance of triangle 27200+- or support 26650. CL 1-1.5% Above / Below Trendline. Then wait for breakout.
*ex: If normally you play 1% in a 1K account which is 10u then only you use 3-5u to long/short inside this triangle.
Note
IF you choose options 1 breakout trade, already hit stop loss ya, cause fake out occurred.
or
IF you choose options 2 long at 26650 support CL 1% or more, should be in profit by now, but still you need to observe whether price can break resistance of triangle or not.
Note
I'm expecting a big pump or down after breakout because the consolidation within this triangle take about 10days. However, Btc did pump up a bit but it can't direct pass through previous high resistance.
For those who long at 26650 +-, you can add margin when retest Trend line. Do calculate to maintain average price below trendline and DIRECT MOVE SL TO BREAKEVEN. Don't let fake out damage your wallet again (if occur again)
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