Breakout Potential

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It seems the Head & Shoulders reversal has failed and we've just gone sideways instead. This is much more attractive on 1d candles, and looks like we're setting up for a breakout at some point here. News will need to force us through resistance on high volume and we will need to close above the trendline .

StochRSI is bottoming out here as well which is perfect for a breakout.

We could go sideways for a month or more and there's no real telling where the range in this will be, however it looks like we're charging up here for the run up.

Definitely looks like we're retracing here.
Updated chart w/ current indicators
We're still moving along this same line... the longer side-ways the stronger the breakout at this point.
This could just slowly retrace down the BTCE downward trendline.
dopebroker dopebroker
Asterix dopebroker
So far volume is so low I think it is difficult to draw conclusions either way
+1 Reply
Why do you think head and shoulders have failed? I think they are still forming
dopebroker Asterix
There's really no form to it in my opinion. It almost looks like we attempted it and now we have this huge mutant shoulder roll-off fueled by nearly no volume.
Asterix dopebroker
Will see. I view current development still as the right shoulder forming
dopebroker Asterix
I definitely see your point, although I don't see an insanely massive drop happening either way long-term.
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