btc_joe

Bitcoin major pennant forming...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
1278 0 25
If you want to catch the real move...wait for a break out of this (the two red dotted trend lines )...generally pennants are continuations patterns and thus I am maintaining my bullish bias, but regardless the play here is to wait this one out, unless you want to scalp. Not my thing.
Comment: So, while the last pennant/triangle was valid (had many touches), we have formed an even bigger one. Obviously one must be careful about selecting lines to fit what they want to see, but in this case, it seems we have an even bigger, valid, triangle/pennant. The idea is still the same, I am okay with readjusting here especially because no matter which triangle you look at or lines you use, we have had lower highs and higher lows for months now, so a HUGE move is likely here, this is whats most important to note.
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