BTCUSD Symmetrical Triangle| Low Volume| Breakout Imminent!
Hello Traders!,
Quick Update on BTC, Trade Setup!
We have a symmetrical triangle forming clearly on the shorter time frame, price is coming to its apex, a break is imminent.
Points to consider,
- Trend coming into apex
- Support and resistance converging
- RSI is neutral, on support
- VPVR increasing cluster of transactions
- Volume has dried up
- Futures gap below at .50 Fibonacci
BTC has been consolidating over the past couple days and has formed a symmetrical triangle which is very close to its apex point. The symmetrical triangles support and resistance lines are converging in confluence with extremely low volume, this is a very key indicator for breakout trades.
Overall a break in either direction, backed with volume is probable. An important area to keep an eye on is the .50 Fibonacci level, if price breaks bearish and tests this level, then the CME Futures Gap will be filled (Check previous chart update for further explanation ).
It is also probable for BTC to have another impulse pump before a major correction towards the lower Fibonacci levels…
What are your thoughts on the consolidation phase?
Please leave a like and comment!
Quick Update on BTC, Trade Setup!
We have a symmetrical triangle forming clearly on the shorter time frame, price is coming to its apex, a break is imminent.
Points to consider,
- Trend coming into apex
- Support and resistance converging
- RSI is neutral, on support
- VPVR increasing cluster of transactions
- Volume has dried up
- Futures gap below at .50 Fibonacci
BTC has been consolidating over the past couple days and has formed a symmetrical triangle which is very close to its apex point. The symmetrical triangles support and resistance lines are converging in confluence with extremely low volume, this is a very key indicator for breakout trades.
Overall a break in either direction, backed with volume is probable. An important area to keep an eye on is the .50 Fibonacci level, if price breaks bearish and tests this level, then the CME Futures Gap will be filled (Check previous chart update for further explanation ).
It is also probable for BTC to have another impulse pump before a major correction towards the lower Fibonacci levels…
What are your thoughts on the consolidation phase?
Please leave a like and comment!
