Robinerd

Ascending triangle short term. Up or down?

BITSTAMP:BTCUSD   Bitcoin / Dollar
5 months ago
I believe we're in an upwards facing triangle in the shorter perspective. Although upwards triangles tend to break to the positive side, looking at the daily chart we're also at a big up-spike right now which could increase the chances for a correction downwards.
Should the triangle be broken downwards with strong volumes, be cautious since it could be the start of a bigger correction (which would just be a natural part of a healthy price rise).
Still, seeing the strong market so far plus the recent news around ethereum, it is not too unlikely to keep going up for another burst.
My recommendation if you're willing to take the risk is to buy close to the bottom of this triangle, set a stop loss below it, and keep a close look on the charts. Breakout from this triangle should happen before tuesday, in either direction.
5 months ago
Comment: Prices are right now crawling carefully along the lower edge, with weak volumes. I'm afraid we'll see a red candle dropping down within a few hours, perhaps down to $705 where previous resistance level was broken, which should now act as the first support level.
Drop down needs increasing volumes to confirm the correction.
Robinerd
5 months ago
Prices are right now crawling carefully along the lower edge, with weak volumes. I'm afraid we'll see a red candle dropping down within a few hours, perhaps down to $705 where previous resistance level was broken, which should now act as the first support level.
Drop down needs increasing volumes to confirm the correction.
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