A rising wedge converging on 2014-08-29

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
447 4
I suspect identifying triangles and wedges in the Bitcoin markets is a fool's game, but I was bored and here is maybe one.
Why would it be a fool's game? Triangles and wedges present a great opportunity for traders, and many have been good indicators of price action. That said, thanks for presenting this one.
Haakon MoonTrader
It just seems like something everybody can do (even me) and my impression is that many of the ones I've been shown haven't been particularly good indicators of anything. We'll see with this one.
I've found triangles and trend lines to be rather good indicators, although you do have to be careful which ones you pay attention to. Some are not based on much while others are a lot more well-defined. For instance, the descending triangle from the high last year broke out upward from ~450 and that was the start of the last major bull move. We've had a few more since then that have been good indicators.
+1 Reply
Maddie MoonTrader
I agree :)
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