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BITCOIN Triangle with a strong Support?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Perhaps the most important technical development of this week was that BTC managed to hold the 42800 Support. That is a critical level because, as shown on the chart, it is a Support (that held on August 09, September 07 and September 13), which previously was a Resistance (May 20, June 15, August 01 ) during the May/ June/ July accumulation phase.

Together with the Higher Highs trend-line under that Bitcoin has been trading under since August 09, it appears to have formed a Triangle pattern . Naturally as long as Support holds, the market should be seeking a new Higher High.

What could be the target on this leg? Even though the natural Resistance is at 59600, we should always keep in mind the Fibonacci retracement levels since the May bottom and the next major Fib level to be filled is the 0.786 at 57070. A Bullish Cross on the 1D MACD will surely help towards that direction.

If we get a 1D candle closing below the Support though, the pattern gets invalidated and the market could seek the lower Fib level of 0.236 (37070).

Which trend do you think will prevail? Feel free to share your work and let me know in the comments section!



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