Democritus

BTC descending triangle!!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We have this clear descending triangle . My outlook has been short on BTC for a while now. This does not mean I short BTC . It means I believe it will go lower. Though technically it can be argued that the odds are that we will break down (go lower) from this pattern ( descending triangle ), I will switch to neutral. Before the end of the year direction will be clear. So, why take a chance. I'll switch my outlook on BTC once it comes out of the descending triangle .
Nov 19
Comment: As is clear and painful to a lot of folks, the probably of breaking lower from the descending triangle has come to pass! Question now becomes, How do we know the bottom is in? How do we know capitulation has taken place?

I'll have more to say on the subject in few days, but now I'll say that, in my view, a much better indicator of capitulation is volume! (vs price action). Now, often times you get both simultaneously. That, falling-knife price action and a spike in volume? Is this the case? hummmm don't have enough time to go into it right now. Check back in a few days.

in the mean time, we might get a bounce but, be careful out there, Bears are out for blood!
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