Nickonomics

BTCUSD: Short-Term Triangular Price Action

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Since the last update, the price has been consolidating within a Triangle pattern . Usually, Triangles are trend continuation patterns, which means new highs are quite possible.It is safer to wait for waves D and E to develop, and go long just above the Wave D top with a stop-loss below Wave E.

Of course, an emerging Triangle can easily be transformed into a deeper Flat-like correction. For me, the break of 1495 would signal more selling pressure with prices heading below previous pivot @1444.
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