BTC in a Symmetrical Triangle? för COINBASE:BTCUSD av dcardona1

trendanalysis btcusd symmetricaltriangle

I'm reading "Technical Analysis of the Financial Markets" by John Murphy. Per his book, symmetrical triangles are usually a continuation pattern but a measured move would put us below 0 (along with my ETH idea). They usually break out between 2/3 and 3/4 of the width of the triangle (shown with vertical green lines).

What are your thoughts?

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Pretty spot on so far. Price hit the top of the downward trendline on symmetrical triangle and got rejected. RSI also hit top of the downward trendline with the stochastic RSI running out of momentum.

We could still break out to the upside with a retest of the trendline. Need lots of buyer volume to push us through to next resistance at $11,775. So far, looking like the bears are in control.

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