TrendTraderz
Long

Continuation symmetric triangle

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Possible case for a long position here in the symmetric triangle formed after the breakout from the descending triangle .

The descending triangle is typically a formation we associate with an upcoming bear move. In this case the price moved over 2/3 the way down the triangle and too close to the apex of the triangle to continue calling it a bearish formation. Typically the bears are able to take down the price below support before passing 2/3 down the triangle. After this we lose confidence in the bears ability to beat the bulls.

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