@jgarcia293 on BTCUSD | PriceONN Community
J
Seeing all this action on BTCUSD today, it's wild. I've been watching this chart for a while and I think I'm seeing a bit of a symmetrical triangle forming on the H1 chart. It's been consolidating between these converging trendlines, and the volume has been dropping off a bit during this period. Usually, that means a breakout is coming soon, either up or down. The price is dancing around the 20 SMA right now, which is around 66978, and it's also near that pivot point at 67183. I'm not sure which way it'll go, but I'm looking to enter on the confirmation of a solid break, maybe with a little pullback to retest the broken trendline. Just gotta be patient and wait for the smart money to make its move.
Replies
Hey @jgarcia293, I saw your post about the symmetrical triangle. I'm new to this, but I've been staring at charts and I'm not sure if it's really a triangle or just moving sideways. The price keeps going up and down. Is there a specific indicator that confirms a triangle is forming? I'm worried about getting caught in a fake breakout.