Is a Symmetric Triangle forming for Bitcoin

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It's not a perfect shape in the making but definitely something to keep in mind. Symmetric Triangles can break one way or another and picking a direction is a dangerous assumption that could cause tunnel vision on expectations, but here is the rational for the forecast.

The Symmetric Triangle is forming after a significant down move from the $300+ area. The trick to picking a directions on this pattern is that you want to go with the momentum. We have had a long term down move (16 months), Intermediate term up move (5 months, since the January lows) and a short term down move (2 months since the March highs). So would you say this triangle is happening on the downswing or the upswing? For me 2 out of 3 are down so it's on the down swing and hence statistically, it is more likely to break to the downside for a target that should match the January lows.

Yes, like everyone else i would like to see the price of Bitcoin finally reverse, but we might just have to eliminate all the week hands and proclaim Bitcoin DEAD with everyone short before we can get another exponential wave higher.

Good luck traders. See the latest short articles at BraveNewCoin:

Tone Vays
Tone Vays - Content Creator & Derivatives Trader
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it depends whether whales decide to dump more coins. Do you know some whale? told us about their plans! but statistically it must go down. we havenot seen really bottom. we didnot see bottom in 2013 instead that fat **** karpeles unleashed his bot Willy to build a bubble upon a bubble. the real price of BTC should be $20 not $200. Or future expectations 20 years ahead are already calculated in the price of BTC.
ToneVays SunnyEvening
Not sure I would go as low as $20, but i certainly agree with the general premise of your statement. I was thinking more of a bottom just above $100 some time over the summer. I think bitcoin is definitely worth triple digits and as the Governments hunt for cash, private gold/silver and raises in taxes continue it should only become more valuable.
Agree. Looks that we are at least re testing the 210's support
Yea, I'm starting to think of 2015 as "50 or 500?"... One has to happen eventually...
I wonder...
Wouldn't it be awesome if 2015 took us all the way down to $50 just before " halving pump " in 2016.....Skyrocket back to 250... Finally
ToneVays TheNewXDAGuy
50 is a bit lower then i would like to see it, in all honesty i would want to it stay above $110 and at worse the Silk Road intraday low of $85. after that i would want to see the price rise quickly, if we are still at $250 by mid 2016 going into halving i think that would be bad, I'm expecting new highs before the next split in block size.
It's not a perfect Bitcoin DEAD in the making but definitely something to keep in mind. Yes, like everyone else i would like to see the price of Bitcoin stay forever in a very easy trade-able symmetric triangle, but that could cause tunnel vision ;-)
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