MoonTrader

Long-term triangle finally coming to a head.

BITSTAMP:BTCUSD   Bitcoin / Dollar
246 0 5
This is a very important time in BTC history. As you can see, there is a lot of potential either to the upside or the downside once we break out of this triangle. Right now, it seems to be hugging the bottom, but it's clear by now that this isn't just a free-fall. The red line on the bottom is the most important one because the green line I drew doesn't even exist on Huobi or other Chinese exchanges and it lines up perfectly with the crash low after the bubble. It does, however, make sense on other exchanges since it would form a classic descending triangle with a completely horizontal bottom, but it leaves out the 339 low in April             .

If we bounce here, the target is 490-495 and the target to the downside is God-knows-what. If it breaks upward out of the triangle, the target is also God-knows-what. This one could go either way, so have your stop orders ready.
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