TradingView
ToneVays
Dec 30, 2014 6:34 AM

Bitcoin Might be in Trouble Short

Bitcoin / DollarBitfinex

Description

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:
cointelegraph.com/news/113215/bitcoin-analysis-week-of-dec-28-year-in-review

Good luck traders.
More