On the one hour time frame, a price chart pattern has been maintained called THE SYMMETRICAL TRIANGLE.
A symmetrical triangle is the most common triangle chart pattern. It is comprised of price fluctuations where each swing high or swing low is smaller than its predecessor.
This coiling price movement creates a structure of a symmetrical triangle. Symmetrical triangles are also considered as continuation patterns but practically a breakout can take place on either side and hence it is better to be prepared to take a position either way.The pattern contains at least two lower lows and two higher lows.
When these points are connected, the lines converge as they are extended.
Previous trades result:
Break even failure rate for up/down breakouts: 9%; 13%
Average rise/decline: 31%; 17%
Throwback/pullback rate: 37%; 59%
Percentage meeting price target for up/down breakouts: 66%; 48%
Price trend Can be any direction leading to the chart pattern.
Triangular in Shape, as 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).
The oscilator crossing the oversold area to the average move area on the STOCHASTIC RSI.
Technical suggest that STEEMBTC chart is slight bullish at the moment as the symmetrical triangle is completed. With its minimum of 2 touches of the price at the diagonal support and resistance trendline, price is at the tip of the triangle.
Only when price breaks out and closes outside the symmetrical triangle that will give a signal to take a position.
SELL: 0.0003441sats to up 0.0003649sats
STOP LOSS: 0.0003136sats
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.