Triangle patterns are characteristic of consolidation followed by an accelerated break out of the pattern in the direction of the continuing trend. Triangles form in three basic categories: symmetrical, ascending and descending. Because volume becomes so thin as the triangle pattern progresses to the apex, it takes very little activity to produce a false breakout.
We are waiting for the market to decide where it is in relation to where it is going to be (which we all know is far above where it is now)... but have we reached bottom?
I'm not knocking the bulls, and I'm not making market "predictions". I'm waaay to rookie for that. I'm looking at the over-all trend higher time frame charts (as you should be) and letting the facts of price action to advise my overall technical analysis. Have we made any higher-highs/higher-close candles in the trend-line? Have we achieved a break-above/close above of previous structure? Taking those things into consideration; is it possible that whatever happens in the next 24hs with Mt.Gox could have a price reducing impact at Bitstamp?
Don't get trigger happy on breaking news. Let breaking news happen and be prepared with a plan of action for however the market reacts.
We are waiting for the market to decide where it is in relation to where it is going to be (which we all know is far above where it is now)... but have we reached bottom?
I'm not knocking the bulls, and I'm not making market "predictions". I'm waaay to rookie for that. I'm looking at the over-all trend higher time frame charts (as you should be) and letting the facts of price action to advise my overall technical analysis. Have we made any higher-highs/higher-close candles in the trend-line? Have we achieved a break-above/close above of previous structure? Taking those things into consideration; is it possible that whatever happens in the next 24hs with Mt.Gox could have a price reducing impact at Bitstamp?
Don't get trigger happy on breaking news. Let breaking news happen and be prepared with a plan of action for however the market reacts.