BTCUSD: Symmetrical Triangle Formation; $6,631 Target

BITFINEX:BTCUSD   Bitcoin / Dollar
Hello Fellow Traders,

These are early days on this chart pattern, but there seems to be a consensus building among analysts that there is going to be a drop to 8,000. My cut goes a little deeper.

BTC appears to be forming a symmetrical triangle. The widest part of the triangle is between $10,774 and $16,495 ($5,721 delta) When it exits the symmetrical triangle it should fall by roughly this amount. I predict this will happen around $12,352. This gives us a target of $6,631.

In the short term there is bullish divergence on RSI , MACD and AO. Additionally, we are on the 9 for TD Sequential. I believe this might have enough in it to bring us to the low 14,000s. This might be the best place you will get to exit a position or for a short.

Ethereum built a simular pattern from it's fall from 400 to 200. Of course, Bitcoin can also rise from this (and make a fool of us), but I would consider this to be a bearish continuation pattern.

Good Luck and god speed.
Trade ist aktiv: Inching closer to our local target.

Kommentar: Next candle decides it all. Right now it is a bearish continuation pattern.
Trade geschlossen: Ziel wurde erreicht: Look like we reached out target. Good Job me. Weeeeeeee
This is the real deal!
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