schawin999

BTCUSD lines up another shot at resistance test

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD is now in upward facing and narrowing channel (small purple dotted lines). It is approaching the top edge of a larger falling wedge pattern (purple dashed lines), and also bouncing along the underside of another medium-term uptrend (green-dashed line).
This is a convergence of competing trends.
A successful breakout above that wedge pattern points to significant upside potential.
Failure to break through that resistance would lead to reversal to lower edge of wedge pattern (purple dashed line) and probably further consolidation within the wedge area.