ninjabenja
Short

Higher Time Frame Setup

BITSTAMP:BTCUSD   Bitcoin / Dollar
113 0 0
[EDIT: Confidence is not everything :p This analysis was ultimately a fail. Although it certainly could have broken lower, the long- long stagnation sideways to the very end of the triangle and multiple large coin dumps with no followers should have been an indicator to hedge the position at least to 50/50... yet another lesson learned, and about 20 btc lost getting back in. Retail was just too trigger happy on the break out to the moon.]

I'm honestly getting tired of posting these triangles. I really do use other TA, but I don't like to posting unless I'm at least 75% confident. There is much more going on here than just a symmetrical triangle. Price action inside is moving harmonically, both the green and red arrows are exact copies of each other. The dotted arrow forecasting the completion of the next move down, lands right on top of our target 1 for the triangle. That completion point is also just above the 1.27 extension of the solid red arrows SH/SL, and all of it right on top of the next fib-time column line.

MacD has crossed green and another touch of the upper boundary around 450 wouldn't be a surprise. In fact I'm currently long 1 lot (50btc) for a small gain on the bull trap. but Stochastic is topping, and this ship is still heading down. The rest of my account short from 445.

[EDIT: This bat pattern just completed after retesting the 450 resistance.
snapshot
Now we see if this thing has legs. ]

For a more robust explanation on triangle patterns, go here: http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle
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