SteveEnnom
Long

BTC getting closer and closer to the truth

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Follow up of a recent post, see related ideas for more.

The descending triangle is almost complete on BTC             and everyone is waiting for the breakout to see whether the moon is reachable or not.

There are a couple of indicators that will help us predicting a huge breakout. Here are some considerations:

  • Volumes are shrinking and shrinking and we're almost at a low level (taking into consideration last months at least). This is definitely a prediction that whatever will come should be intense in magnitude.

    There's no more space within the triangle area. That means that BTC             will have to breakout either one way or another and develop a new trend (or consolidate the current one).

    Markets, not only the cryptocurrencies ones, are in turmoil given the macroeconomic scenario (Siria, USA - Russia, trade wars...).

If we sum up all these things we definitely wait for a breakout of any sort. And it will happen. My guess is it will happen between this weekend or, most likely, the very first days of next week.

Remember triangles are usually associated to continuation patterns so the breakout should head upwards. Market instability could take us both ways nonetheless. In any case, it will be fun.

As usual, not a trading advice but merely my analysis.
Comment: NOT a breakout yet !!!

Comment:

Breakout with a rising wedge.
Comment:

This is the pattern it's likely going to follow
Comment:

Yes, headed exactly there
Comment: Uptrend borke. We're headed down!

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