A symmetrical triangle is a bitlatteral pattern, and it presents a bit of uncertainty. It could break out up or down from here. Watch the candles closely to see how the price action and volume react as the price nears the end of the wedge. If there is no consensus, it could continue to push sideways. For those looking for a good entry point, I'd wait until we have a clear indication of a break up or down.
If it breaks through the trend line (yellow) and goes down, the first level of support is around 3734 and beyond that, 3165.
If it breaks up trough the upper line of resistance (red), then look for a possible retest of 3734 as our new line of support.
Previous action on 2017
Dec 30-31: 12461 -> 154300 and peaked 12 hours before midnight on 31st.
Jan 2-5: 13800 -> 17600 (all downhill from here)
Sidenote: ETH also seems to have a symmetrical triangle forming right now.
If it breaks through the trend line (yellow) and goes down, the first level of support is around 3734 and beyond that, 3165.
If it breaks up trough the upper line of resistance (red), then look for a possible retest of 3734 as our new line of support.
Previous action on 2017
Dec 30-31: 12461 -> 154300 and peaked 12 hours before midnight on 31st.
Jan 2-5: 13800 -> 17600 (all downhill from here)
Sidenote: ETH also seems to have a symmetrical triangle forming right now.