PRO_Indicators

BTCUSD / H1 : possible triangle... so patience required !

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Updaing the previous scenario... The bearish breakout failed to install a bear trend (prices stopped right at the Sinewave target and retraced back above the BREAK level..
BUT bulls didn't manage to take advantage of it to trap bears... When you see that... you know that odds are to a range... And everything seems to point a triangle.
It's still very early to confirm that speculation. But speculating is my job ! So there is my new framework on the bitcoin !
To find the possible triangle resistance I search for the APEX point.
To do that I search to the most reliable mid-point (a point that clearly acted as support/resistance ). And then I speculate on the possible resistance trendline by ploting it from the start point to the APEX.
That give me a hedge on the possible timing to short again.
I shows a target cluster around 12400$. According to that I decided to close the previous short at 10800 & 11200 just because I thing I'll have much better prices on the top of that triangle.
This edge also suggests that we may be patient before breaking down that triangle to trigger a potential krash of the BTC .. so don't be to hard on shorts... For now I think bearish stops must remain above 13200$.

Hope this idea will inspire some of you !
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Kindly,
Phil
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