saadcrates

Not a Triangle breakout on BTC. A channel.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
2 Triangle breakouts in a row retracing. Hmmm.

I suspected that it was an ascending channel , and it seems to be so.

2 confirmations on the trend line for each of these points on the channel thus far.

Expecting the drop to be to 8900ish. By the .618 Fib, and the bottom of the channel.


Remember - TA is magical shapes and patterns. Only people move markets.

Always keep your stops tight.

Happy Trading.

-SJ
If the channel doesn't complete it's journey down... and goes to the top again... that's a precursor to a breakout. The top line of the channel would then be support for an retracement.
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