1 day ago · BTC/USD threatens HMA after correcting sharply from $34, A symmetrical triangle breakdown spotted on the hourly chart. Dip buying. Sep 10, · Bitcoin bulls are working hard to nurture momentum above $10, BTC/USD is focused on climbing above $10, resistance and grinding to $10, after triangle breakout. Following Bitcoin price breakdown from levels marginally above $12,, the flagship cryptocurrency has been stuck below $10, Dec 30, · On the 4-hour BTC/USD chart, it’s clear that intraday selling pressure is increasing as BTC continues to print consecutive lower highs. The flat support for the descending triangle pattern is around $26,, so a close beneath this level will confirm the bearish breakout has begun.
Btc triangleBTC trading: Understanding Triangle Chart Patterns
The lower trendline is rising diagonally, indicating higher lows as buyers patiently step up their bids. Eventually, the buyers lose patience and rush into pushing the BTC price above the resistance price. The upper trendline, which was formerly a resistance level, now becomes support. The lower trendline, which was support, now becomes resistance.
As the price moves toward the apex, it will inevitably breach the upper trendline for a breakout or breach the lower trendline forming a breakdown and price downtrend. Symmetrical triangles mostly tend to break in the direction of the initial move before the triangle formed.
For example, if an uptrend precedes a symmetrical triangle, traders would expect the price to break to the upside. As the price retraces to the original breakout level or somewhat further, the trader should determine if the pullback is the false signal or the price will soon continue in the direction of the breakout. A fake signal happens when the BTC price makes a move in one direction, but then reverses course and moves in the opposite direction.
The fake signals can lead to significant losses as they often occur before the start of a major trend in the opposite direction. Unfortunately, simply because the pattern is there, does not mean it is always reliable. Related Posts. Data Analysis. Bears retake controls, eye weekly support line January 5, Fades recovery moves around 0. Next Post. Leave a Reply Cancel reply Your email address will not be published. Horowitz: Asian-American researcher fired from Michigan State administration for advancing facts about police shootings July 8, Online Brand Protection Software Market report reviews size, share, analysis, trends, growth and forecast March 6, Christian fake news?
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These patterns form when the price consolidates between a sloping resistance and flat support yellow lines. Breakouts from this pattern tend to be quite extensive and require strong supports to provide bullish traders with an opportunity to push back. There is also another key support level just under this at the 0. This could get a third reaction during the initial breakout.