MODBTC

MODBTC

BULLISH SYMMETRIC TRIANGLE CALLS

The symmetrical triangle, which can also be referred to as a coil, usually forms during a trend as a continuation pattern.
The pattern contains at least two lower highs and two higher lows. When these points are connected,
the lines converge as they are extended and the symmetrical triangle takes shape.

A triangle forms when the price action narrows over several price swings.
If trendlines are drawn along the highs and lows of the price action, the trendlines converge towards each other.
This creates the appearance of the triangle.


With minimum of two supports and two resistance levels, the triangle is almost completed.

Same goes to the STOCHASTIC RSI fully oversold on the 4 hours time frame.

The 50/200 EMAs bullish crossing (GOLDEN CROSS) with price consolidating inside the triangular shape, a measured move up triggered when the price breaksout of the triangle and closes out it. The 0.618fib is still holding price down as it consolidates more.

TECHNICALS suggests that buy would be triggered only when price breaksout.

 

 

 

 

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