kresuk

Triangle consolidation

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
79 2 0
Break to the upside
RyNinDaCleM, tkanks for that explanation. Indeed, it doesn't work the way I was seeing it.
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Triangles are continuation patterns. The move preceding the triangle dictates the direction of the break. So, since the move before your triangle was down, the expected breakout direction should be down. Triangles also have 5 or 9 waves... not 6. I'm not saying that the price won't rise, just that if it does, then your triangle isn't really a triangle and more of a range bound consolidation.
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