Symmetrical Triangle. Near to breakout. for BTC/USD Bitfinex
Symmetrical Triangle. Near to breakout. for BTC/USD Bitfinex 1hr chart.
By measuring the length of 1st inside wave at the start of the symmetrical triangle, we can measure the resulting price action. In the present case w.r.t 9.52% (approx) change can result in both directions which can have target for "bulls" @7000 range and for "bears" @5800 range.
Possibility No.1- W.r.t to the amount of BTCUSDSHORTS the shorts are overbought and so can result in short squeeze which can lead the price action towards 7000 range. And after hitting this, the majority can start putting their shorts again and leading to heavy price action from 7k to 5.8k in very short term after we hit 7k.
Possibility No.2- The bears can take this sideways action for a little more and then crash it towards 5800 and below as the overall market is in the favour of bears now for mid term (refer Weekly time-frame for BTCUSD)
Personal Bias: First break towards 7k and then fall heavily towards 5800 and below.
By measuring the length of 1st inside wave at the start of the symmetrical triangle, we can measure the resulting price action. In the present case w.r.t 9.52% (approx) change can result in both directions which can have target for "bulls" @7000 range and for "bears" @5800 range.
Possibility No.1- W.r.t to the amount of BTCUSDSHORTS the shorts are overbought and so can result in short squeeze which can lead the price action towards 7000 range. And after hitting this, the majority can start putting their shorts again and leading to heavy price action from 7k to 5.8k in very short term after we hit 7k.
Possibility No.2- The bears can take this sideways action for a little more and then crash it towards 5800 and below as the overall market is in the favour of bears now for mid term (refer Weekly time-frame for BTCUSD)
Personal Bias: First break towards 7k and then fall heavily towards 5800 and below.