A Dangerous Descending Triangle is Forming in $BTCUSD

BITSTAMP:BTCUSD   Bitcoin / Dollar
831 3 9
While most indicators are now showing that Bitcoin has turned the corner and should now be set for the year-end really, the Technical picture has been deteriorating rapidly on what appeared to be just a pull back a few days ago.

My track record has been beyond poor as my analysis articles indicate by being short two weeks ago:

Suggesting that we should see higher prices but instructing to wait till things calm down right after the rally:

To turning Bullish this past weekend:

But right now i would do absolutely nothing and see which way the Triangle breaks. Probabilities say it should break down and take us all they way below $300 hence the chart is labeled as a "Short". As you can see, this is the 3rd obvious triangle on this chart with the previous two hitting their price targets after the break Perhaps the target was drawn premature so we will know in a few days.

Good Luck Traders:

I should have followed your suggestion and shorted in 37x....I was betting on a move up to at least 400 because I have such bullish tendencies trading bitcoin sometimes haha. Good thing I was not long on margin! Nice TA!
Tone_LLT PRO ldcicconi
Yeah, i've been very off on my calls the last 3-4 weeks, This triangle broke down even 1 day sooner than expected... really hope i'm wrong this time again cause the target is under 300 and no one wants to see that
Kilgore Tone_LLT
depends if you're in fiat or not ;)
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out