Coiling up for a break.

BITFINEX:BTCUSD   Bitcoin / Dollar
We're either going to break the trend here, or we're going to get a fast move to the $220 area, followed by a bounce. I'm leaning toward breaking the trend here because we are already quite oversold and the pattern still has the look of a double bottom .

Furthermore, this is at least the third attempt to break support, and the probability gets lower every time it fails. As we can see, the volume keeps decreasing as we press down against support, making it less likely that we will break through, but by no means can that be ruled out yet since three times really isn't that much.

Being quick on the trigger finger can yield good profits, so be ready.

2 years ago
Update: The trendline appears to be broken, but solid confirmation is still forthcoming. The uptrend just became a little more likely, though.
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