BTC SYMMETRICAL TRIANGLE
BTC SYMMETRICAL TRIANGLE
A bearish symmetrical triangle is bearish continuation chart pattern. The pattern is formed by two converging trend lines that are symmetrical in relation to the horizontal line.
The first line is a bearish trend line creating the resistance, also called the "resistance line of the bearish symmetrical triangle".
The second line is a bullish trend line creating the support, also called the "support line of the bearish symmetrical triangle".
For the symmetrical triangle to be called "bearish", the movement preceding the triangle’s formation must be bearish.
A bearish symmetrical triangle is confirmed/valid if it has good oscillation between the two lines.
Each of these lines must have been touched at least twice to validate the pattern.
NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times.
This implies that the bearish symmetrical triangle is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).
The price objective for a bearish symmetrical triangle is determined by the height of the base of the triangle plotted at the breakout point (exit from the triangle). To achieve the price objective, another technique consists in drawing a parallel to the bearish symmetrical triangle’s resistance line from the first contact with the support line.
A bearish symmetrical triangle is bearish continuation chart pattern. The pattern is formed by two converging trend lines that are symmetrical in relation to the horizontal line.
The first line is a bearish trend line creating the resistance, also called the "resistance line of the bearish symmetrical triangle".
The second line is a bullish trend line creating the support, also called the "support line of the bearish symmetrical triangle".
For the symmetrical triangle to be called "bearish", the movement preceding the triangle’s formation must be bearish.
A bearish symmetrical triangle is confirmed/valid if it has good oscillation between the two lines.
Each of these lines must have been touched at least twice to validate the pattern.
NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times.
This implies that the bearish symmetrical triangle is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).
The price objective for a bearish symmetrical triangle is determined by the height of the base of the triangle plotted at the breakout point (exit from the triangle). To achieve the price objective, another technique consists in drawing a parallel to the bearish symmetrical triangle’s resistance line from the first contact with the support line.
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