Chiliz symmetrical triangle and 200MA

29 oct 2021

Crypto markets looks very bullish. I can see symmetrical triangles everywhere. Chiliz also formed a very nice symmetrical triangle on a daily time frame. Chiliz started forming it back in March and has not yet broken through it. We can see that Chiliz has been under 200MA to this day and has tried to break through it quite a few times. Always unsuccessful. Looks like he could make it today. If it successfully breaks 200MA and then symmetrical triangle, this will be very bullish. The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point. This means that if Chilliz successfully breakout, the target will be at around 1,20$. It depends of the point of breakout.