BTCUSD: Symmetrical Triangle Formation; $6,631 TargetHello Fellow Traders,
These are early days on this chart pattern, but there seems to be a consensus building among analysts that there is going to be a drop to 8,000. My cut goes a little deeper.
BTC appears to be forming a symmetrical triangle. The widest part of the triangle is between $10,774 and $16,495 ($5,721 delta) When it exits the symmetrical triangle it should fall by roughly this amount. I predict this will happen around $12,352. This gives us a target of $6,631.
In the short term there is bullish divergence on RSI, MACD and AO. Additionally, we are on the 9 for TD Sequential. I believe this might have enough in it to bring us to the low 14,000s. This might be the best place you will get to exit a position or for a short.
Ethereum built a simular pattern from it's fall from 400 to 200. Of course, Bitcoin can also rise from this (and make a fool of us), but I would consider this to be a bearish continuation pattern.
Good Luck and god speed.
