ToneVays
Short

Bitcoin Might be in Trouble

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Forming yet another Descending Triangle with all the previous ones being true to their targets (or close to true with the most recent one coming short by about $10 so far). The most resent one drawn as of today is suggesting a target of $270-275 over the next 2-4 weeks.

This might be an ugly start to 2015, but hopefully we can start drawing these triangle the other way in the near future.

As a possible less likely scenario of the Triangle breaking out to the upside, look for a move back to the 50-day SMA for an exit or an opportunity to short.

Full analysis can be found here:
http://cointelegraph.com/news/113215/bitcoin-analysis-week-of-dec-28-year-in-review

Good luck traders.
Tone Vays - Content Creator & Derivatives Trader
Web Site: LibertyLifeTrail.com
Twitter: @ToneVays YouTube: Tone Vays & WorldCryptoNetwork
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