$BTC 4hr - Symmetrical Triangle

BTC 4hr - Symmetrical Triangle

A few observations to go with the triangle...

Market Cipher B:
Leading momentum indicator (light blue underneath the darker blue) is turning meaning that it is stopping it's downwards trajectory and also the Volume Weighted Average Price and Money Flow Index are turning meaning that we are potentially seeing a turn to bullish momentum. This could mean that if we are lucky, BTC will break this triangle to the upside.

Unfortunately for the bulls, there are also many Moving Averages that need to be overcome on the way to the technical target of this pattern so it could be somewhat of a challenge to get there.

I have placed the two breakout indicators roughly between 70% and 80% as that is where we would usually tend to see the break of the triangle.

Technical targets would change if we break out of the triangle in a different place.

Bullish technical target - $51,562
Bearish technical target - $20,342