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BTCUSD - Symmetrical Triangle Breakout

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Dear All,

If you follow my previous TA, this is the part of it and a details analysis on the breakout of the Symmetrical Triangle. Since this is Educational TA, let me explain in details;

What is Symmetrical Triangle?
1. Symmetrical Triangle is a continuation Pattern. So you need to look where is the entry. For this case, the entry is from bearish trend. Once the breakout is confirmed, it will continue goes downwards.
2. Volume for Symmetrical is similar with other pattern, where the volume reduced until it reach breaking point. For this case, the selling volume will at high for the continuation to bearish side.

Few info I used in this charts;
1. MACD - This indicator to check on the market momentum, as you can see at the breakout, the 12 EMA is going to cross 26 EMA again and goes downwards to denied bull trend.
2. Stoch RSI – This is one of my favourite indicators after Volume and MACD, it show the market is just returned from overbought market. We are heading to oversold area again for a new correction.
3. I drew a 300 days SMA line from day chart as a big support at the range of $7282.5-7343.9.
4. Previous Support line also identified since we are expecting a bounce anytime from this pattern. The support at $7671.2 and $7430.3 is identified.
5. $7102.2 is the lowest target where that is a technical target based on Symmetrical Triangle pattern. Take note that the target is not 100% achievable and that is the reason why previous support/resistant and also SMA need to identified.

This TA is for Educational purpose and not a financial advice. If you are happy with my charts and would like to follow more in the future, feel free to follow my profiles.

Nota
Charts Updated.
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The target for Symmetrical Triangle should be distant from the top to lowest of the triangle. you can see from the distant x is equal to the target after the breakout.
Interesthing part is the target is same as current 300 days SMA line.
Nota
Hi All,

Finally we have a breakout. But after look into the pattern, it was Descending Triangle. Please find below TA.
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Operación cerrada: objetivo alcanzado
Bearish PatternsBitcoin (Cryptocurrency)BTCUSDChart PatternsTechnical IndicatorsSymmetrical TriangleTrend Analysis

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