As seen on the graph, a symmetric triangle has developed on the Bitcoin / USD currency pair, we recommend waiting for the price to break either upwards or downwards and depending on the break, the position can be taken.
If the price breaks upwards a long position is recommended placing it around $11751.95. The Take profit following the pattern, must be relative to the base of the triangle, at approx. $16698.04, and the Stop Loss near the last minimum point, around $9861.93. This position gives a Risk-Reward ratio of 2.72.
On the other hand, if the price breaks down, a short position is the best action. placing the order at $9965.20 approx. or a little below the breaking point. The Take Profit, equal to the base of the triangle, near $4904.72, and Stop Loss around the last maximum top around $11411.06. Risk - Reward ratio 3.02.
If the price breaks upwards a long position is recommended placing it around $11751.95. The Take profit following the pattern, must be relative to the base of the triangle, at approx. $16698.04, and the Stop Loss near the last minimum point, around $9861.93. This position gives a Risk-Reward ratio of 2.72.
On the other hand, if the price breaks down, a short position is the best action. placing the order at $9965.20 approx. or a little below the breaking point. The Take Profit, equal to the base of the triangle, near $4904.72, and Stop Loss around the last maximum top around $11411.06. Risk - Reward ratio 3.02.