Hello all. Looking at BTCUSD on the 4HR timeframe we see a formation of a symmetrical triangle pattern and the price of BTC trading above 30k once again.
Let us find out where can the price go next, and what are the targets.
If we extrapolating a measured move from this pattern, we have a bullish price target at $34,500, and a bearish target at $$25,200.
This will be a 13% move up or down and since the price has reached to the very end of the triangle, a breakout is imminent.
Due to the fact that the movement preceding the triangle's formation was bearish , the chances of breaking bearish out of this triangle is higher. Also because the RSI on 4HR and daily charts is in overbought territory.
However, since the price currently trades above the 50 SMA on the 4HR timeframe, there is chance that we also see a break towards the upside.
Unless you are already in a trade, it is smart to wait for a breakout either up or down, with a confirmation and volume , before entering a new trade.
Thanks for reading, and stay tuned. Enjoy.
Let us find out where can the price go next, and what are the targets.
If we extrapolating a measured move from this pattern, we have a bullish price target at $34,500, and a bearish target at $$25,200.
This will be a 13% move up or down and since the price has reached to the very end of the triangle, a breakout is imminent.
Due to the fact that the movement preceding the triangle's formation was bearish , the chances of breaking bearish out of this triangle is higher. Also because the RSI on 4HR and daily charts is in overbought territory.
However, since the price currently trades above the 50 SMA on the 4HR timeframe, there is chance that we also see a break towards the upside.
Unless you are already in a trade, it is smart to wait for a breakout either up or down, with a confirmation and volume , before entering a new trade.
Thanks for reading, and stay tuned. Enjoy.
