Symmetrical triangle within an ascending channel
Updated
The market is currently making lower highs and higher lows, resulting in the formation of the symmetrical triangle above.
This means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend.
In the chart above, you can see that the buyers are starting to gain strength because they are making higher lows.
They keep putting pressure on that resistance level and as a result, a breakout is bound to happen.
I am currently neutral on the pair because I am a breakout trader, therefore I am waiting for the markets to either break below or above the triangle's support or resistance respectively.
This means that neither the buyers nor the sellers are pushing the price far enough to make a clear trend.
In the chart above, you can see that the buyers are starting to gain strength because they are making higher lows.
They keep putting pressure on that resistance level and as a result, a breakout is bound to happen.
I am currently neutral on the pair because I am a breakout trader, therefore I am waiting for the markets to either break below or above the triangle's support or resistance respectively.
Note
Most people anticipated a bullish movement on this pair because they reckoned that the triangle will breakout above. Unfortunately for them, this pair is currently bearish and could now possibly breakout below. However, I am still neutral on this pair and I am waiting for a breakout before confirming an entry.
Note
Prices eventually broke below our triangle support level as well as our ascending channel support level. If you're a bit conservative, you might want to wait for prices to retest the support line/zone before going short/selling. If you're aggressive, however, you can go short at current levels.
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