MoonTrader
Long

Triangle breakout coming to a theater near you.

BITSTAMP:BTCUSD   Bitcoin / Dollar
314 1 3
What's always annoyed me about Stamp is how it eliminates the validating low of my solid red uptrend line that Huobi has, hence the dotted red line. The problem is, however, that dotted red line completely cuts off the $339 low in April. I see a lot of chartists leave this one off as if it doesn't mean anything.

Well, I think it does, and as you can see here, it lines up perfectly with the Gox bubble peak and with the current low as well as the Huobi low post-China bubble. I don't think the price will be making any new lows because 1) it would violate the triangle and 2) Stoch is already oversold and beginning to turn back up. I drew a few similarities with the last bullish movement in Stoch and MFI             as well. Seeing as the price wants to stick to the bottom of the triangle now, I'd say it's a good time to go long. If we had made it to the high 400s, I would have been worried since it may have just been a correction, but this looks more like a setup for a breakout.

So if you have already bought, don't let the whales scare you out. There is a good chance that the triangle will hold, at least for now. As has been pointed out before, Huobi made a nice double-bottom at the recent low, right where it was supposed to, according to this red trend line. If you're extra cautious, wait for a break out, but you're also pretty safe if you buy now and wait.
Vatis
2 years ago
I like your confidence. ;-)
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