BTC has been hovering between $8000 and $8300 for a while, but I think it is about to end.
The symmetrical triangle pattern indicates that a breakout will happen. Predicting if this breakout will make the price ascend or descend is however more difficult. There are 3 indicators that make me confident that the price will go down:
- Media attention is still overall negative
- Volume is descending, this is common for a symmetrical triangle (it means quiet before the storm)
- StochRSI is overbought.
Target of this trade is $7400 ==> widest distance of the symmetrical triangle applied on the breakout
Please comment your thoughts!
The symmetrical triangle pattern indicates that a breakout will happen. Predicting if this breakout will make the price ascend or descend is however more difficult. There are 3 indicators that make me confident that the price will go down:
- Media attention is still overall negative
- Volume is descending, this is common for a symmetrical triangle (it means quiet before the storm)
- StochRSI is overbought.
Target of this trade is $7400 ==> widest distance of the symmetrical triangle applied on the breakout
Please comment your thoughts!
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