PAIR: XELBTC (ELASTIC)
THE LOOSE SYMMETRICAL TRIANGLE
The loose symmetric triangle is a triangle that has white space inside it with each touches of the resistance and support levels.
Symmetrical triangles, sometimes called coils, are a popular chart pattern because they appear often and perform reasonably well in a bull market.
This opinion is based not on the performance rank, which is mediocre, but on trading experience.
Price trend Can be any direction leading to the chart pattern.
Triangular in 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(not shown)
Breakout Upward 54% of the time and 75% of the way to the triangle apex (upward breakout)
TECHNICALS SUGGESTS that price has touched the resistance and the support levels twice and and currently consolidating within the 0.328fib retracement level. TA suggest that only buy when price breakout of the triangle and closes out it.
buy: (with stop limit) 0.00004579sats
sell: 1- 0.00006988sats
stop loss: 0.00002010sats
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.