https://blog.techcharts.net/wp-content/uploads/2020/11/Nov-24-Featured-Image.png 569 1019 Aksel Kibar https://blog.techcharts.net/wp-content/uploads/2017/05/Tech-Charts-logo-FINAL-CLEAN-340w.png Aksel Kibar2020-11-24 14:55:282020-11-24 14:55:28SYMMETRICAL TRIANGLE AND BTCUSD
Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s and global equity indices. The report starts with a review section that highlights the important chart developments on global equity benchmarks, commodities, currencies and cryptocurrencies that might be in focus. This blog post features from the review section BTCUSD. Please note that this is a monthly scale price chart and the November price action (last candle) is still not completed. I’m featuring this chart to show the levels BTC is testing and to draw attention to a possible outcome with symmetrical triangle breakouts.
BTCUSD possibly completed a symmetrical triangle chart pattern on the long-term price chart. Symmetrical triangle is a chart pattern with diagonal boundaries. One difficulty with trading breakouts from diagonal boundaries is the fact that price, following the breakout can find resistance at the minor high. Whereas breakouts from chart patterns with horizontal boundaries usually clear all minor highs at the same time of the breakout.
The minor high for BTC stands at 19,666 levels. Question is, will BTC find resistance at the minor high before breaking out to all-time highs. Previous two breakouts took place after price found resistance and retraced from the minor highs. Chart pattern price target for BTC stands at 30K and with possibly a potential to move much higher, but now we need to focus on the price action around 19,666 levels.
Here is a short educational video that explains the importance of the minor high as resistance with symmetrical triangle breakouts.
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