2 Potential Symmetrical triangle patterns to watch.

3 apr 2020

On the 1hr btcusd chart we can see we have 2 possible symmetrical triangles in play...one measured by candle bodies and one measured by candle wicks. The one measured by wicks seems to be the most dominant at the moment and if it were to validate with a bullish breakout confirmation the target is 7500. However, there is also a chance this ascending triangle is also a part of a bullpennant in which case the target would be 7900 or so. Not sure whether or not it will be a bullpennant or only a symmetrical triangle. We are currently still in a bullflag pattern potentially on the 1 day chart as well. It is crucial to wait for a confirmed breakout however because there are always exceptions, bull traps, and fakeouts that can happen...probability currently favors an eventual upward breakout however.

3 apr 2020

Nota

by the time a breakout5 of this triangle does occur the 1 day 50 simple moving average will probably be right around the 7.5k mark so I anticipate we may see solid resistance at that level...however its always possible to send a big wick all the way up to 7.9k then have the daily candle still close its body below the 1day 50ma.