Ascending and Descending Triangles - Bitcoin

BITSTAMP:BTCUSD   Bitcoin / Dollar
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Descending and ascending triangles are bearish and bullish signals respectively.... except when price passes 2/3 the way from the left of the triangle to the right. We reverse the signal due to the fact that bears or bulls were unable to break the support or resistance soon enough for us to have faith in the power behind the movement.

The further we move into the right hand side apex of the triangle, the stronger move in the opposite direction price should go. Right now we have passed the 2/3 mark and therefore the descending triangle we are in should actually turn into a very bullish move.

Price is now breaking to the upside on high volume.

We should be looking for a volume spike on the breakout to confirm.
Could it be possible that despite the lines match with a descending triangle, the overall price action is just along a sideways channel ? At least that is my interpretation of this situation. We were pumped out once (to 9XX) but, like most pumps we fell back into the channel.
Yes, definitely. Cannot count out the longer term trends. Although I would have to give the support line more credit than the resistance line that you're referring to. IMO, that channel formation broke down when price moved significantly higher than the resistance level of the channel and remained well above for quite some time.

I'm sure you can find trendlines and possibly formations at every level from 5 min charts to 1 month charts. Which ones that are most important depend on your time horizon.

Thanks for the heads up though... I checked out your charts and now am following this,

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