Symmetrical triangle, will it break to the upside or downside?
BTCUSD is currently in a symmetrical triangle it's unclear which side it's breaking out. The volume is diminishing which can refer to quit before the storm. The RSI is bearish and making lower lows & lower highs. We marked some critical decision points where the price could go.
How to trade this situation?
1) Wait untill the breakouts occur so its clear what side to choose. The breakout must have an expansion in volume to be an valid breakout. ( neutral )
2) If you are bullish, you should accumulate around D1 or S1, take partial profit at the upper yellow trendline, if the breakouts occur( to the upside ) take profit at R. ( risky )
3) For the bearish view, you can enter short around D1 and take profit at S2. ( very risky )
Always place a stoploss when entering a trade.
How to trade this situation?
1) Wait untill the breakouts occur so its clear what side to choose. The breakout must have an expansion in volume to be an valid breakout. ( neutral )
2) If you are bullish, you should accumulate around D1 or S1, take partial profit at the upper yellow trendline, if the breakouts occur( to the upside ) take profit at R. ( risky )
3) For the bearish view, you can enter short around D1 and take profit at S2. ( very risky )
Always place a stoploss when entering a trade.
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