The Symmetric Triangle is Ready to Burst... Leaning Up

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This pattern can really move in either direction so call it a guess, a hunch or just unrealistic optimism, but looking for a breakout back to the horizontal resistance / 50-day SMA of $255, then with luck maybe even the 200 day.

Bitcoin             has had a rough year and even if this is a temp relief rally and we make the ultimate lows in the summer, some positive signs are badly needed for the space.

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Good luck traders, I usually tweet these out instead of publishing, still trying to figure out the best way to reach readers/followers.
Tone Vays - Content Creator & Derivatives Trader
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You still long?
ToneVays IncreaseMyT
I wasn't once it hit 260, now that it came back to 240 i'm bullish once again, but with this Bter news who really knows. Follow me on Twitter for latest updates and my last article on CoinTelegraph should be out tomorrow. (@Tone_LLT)
Great analysis as usual. I think your right, plus everyone is so bearish, its not gonna happen for them.
+1 Reply
ToneVays IncreaseMyT
Thank You, appreciate the kind words
+2 Reply
IncreaseMyT ToneVays
LTC the real winner though xD
-3 Reply
"some positive signs are badly needed for the space"
What you mean with this?
+1 Reply
ToneVays HenrikLolsor
If you take the currency aspect of bitcoin (which is its first and most relevant application) it follows the same confidence rules as any other currency (government created or gold or whatever). Falling too low in price might be all fun and games for those waiting to buy it on the cheap or traders like us, but just like all government currencies, when inflation hits a point where confidence is lost, the game ends.

The biggest positive i have found being around the btc space is that once a person understands it and uses it once or twice, they realize it's the best thing in the world. But those that invested in it as an asset do not see that. Also all those merchants that are now accepting it might lose interest as less people use it as the price of one btc drops and people are getting poorer (in terms of btc net worth). If Merchants start dropping out cause many don't care about this tech revolution, this would be a huge confidence hit to the system.

I'm also talking to a few people in asia and banks like HSBC don't want to provide business accounts to those who simply want to accept btc for good/services (not even btc companies), this is also a big deal.

In this game of confidence there might be a point where it is a lot harder to recover from, if btc was just an asset this would not matter, but we want it to be more than that, and confidence in the stability of that asset is #1 priority (just look at the US Dollar, Global confidence is taking it to the moon), the currency side of BTC is no different.
The triangle doesn't look symmetrical to me. It looks more descending because we've been down around $210-$215 three times already.
+2 Reply
ToneVays MoonTrader
yeah i can see how people can put a descending triangle on it... but it's also exchange specific, i think if you look at Houbi, it does look more symmetrical, wee need a a really good index to go off of and not one exchange, i'm talking to the BraveNewCoin guys about having them convince TradingView to add their btc indices.
The triangle will break below to $85.
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