BTC Triangle pattern BREAKOUT Imminent!
BITBAY:BTCUSD
BTCUSDT
Hi , I hope you're doing well . After 20 days or so of being in this triangle pattern we will have a breakout in about 24 hours.
So as you can see since we've had entered this pattern the price volatility and the range of price movement has decreased significantly ( As shown in the ATR indicator ), this indicates that in case of breakout we'll have impulsive movement either towards down or up.
The measured price target for this triangle is about 49000 and 25000 . Because symmetrical triangle is a continuation pattern (the trend coming out of the symmetrical triangle is more likely to be same as the trend that goes in to the pattern) it is more likely to breakout downwards, but in this case I don't think that we'll go for the measured price target which is 25000 but instead we will have a final shake out and dump to about 30000 level which matches with wyckoffs accumulation pattern (phase C) :
https://academy.binance.com/_next/image?url=https%3A%2F%2Fimage.binance.vision%2Feditor-uploads%252Fwyckoff_body_01.png&w=1920&q=100
If you found my idea helpful like and leave your opinion in the comments and follow me for more!!!;) tnx
BTCUSDTHi , I hope you're doing well . After 20 days or so of being in this triangle pattern we will have a breakout in about 24 hours.
So as you can see since we've had entered this pattern the price volatility and the range of price movement has decreased significantly ( As shown in the ATR indicator ), this indicates that in case of breakout we'll have impulsive movement either towards down or up.
The measured price target for this triangle is about 49000 and 25000 . Because symmetrical triangle is a continuation pattern (the trend coming out of the symmetrical triangle is more likely to be same as the trend that goes in to the pattern) it is more likely to breakout downwards, but in this case I don't think that we'll go for the measured price target which is 25000 but instead we will have a final shake out and dump to about 30000 level which matches with wyckoffs accumulation pattern (phase C) :
https://academy.binance.com/_next/image?url=https%3A%2F%2Fimage.binance.vision%2Feditor-uploads%252Fwyckoff_body_01.png&w=1920&q=100
If you found my idea helpful like and leave your opinion in the comments and follow me for more!!!;) tnx
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