THE SYMMETRICAL TRIANGLE
Symmetrical triangles, sometimes called coils, are a popular chart pattern because they appear often and perform reasonably well in a bull market.
Always remember when this is spotted, it requires a whole lot of consolidations inside the triangle.
Average rise 31%
Percentage meeting price target for up 66%.
Price trend Can be any direction leading to the chart pattern( but on this chart, it is a new trend)
Its Triangular shape. Prices move between two converging trendlines.
Two trendlines bound prices; the bottom trendline slopes up and the top one slopes down.
Price must cross the pattern from side to side, filling the triangle with price movement, not white space. Price must touch each trendline at least twice, forming distinct valleys and peaks.
Volume Trends downward 86% of the time.Breakout Upward 54% of the time and 75% of the way to the triangle apex (upward breakout)
Technicals suggests that the symmetrical triangle is almost completed and only when price break out of the triangle and closes outside which will give a signal to take a position.
SELL: 0.00087206sats up to 0.00108834sats
STOP LOSS: 0.00070707sats
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.