informedtrades

Bitcoin: Wait to Buy Until It Escapes the Triangle

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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I'm speaking strictly in technical terms here because I find the pattern interesting -- this is not a comment on Bitcoin's merits or lack thereof.

But with this type of pattern -- i.e. basically a descending triangle -- I like to wait until price breaks above the downward slowing trendline . In an ideal world, price remains above support at $397, but trades in a tight range until it is above the trendline . This could occur sometime in May or June, based on the current trendline . Then, there might be a buy sign.
I agree, and I would say between middle and end of June we are going to see prices around 150USD/BTC, thats the right moment to buy in
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Excellent thoughts.

I think a lot of people are either trying to call the bottom and buying in - then subsequently getting burned by the volatility.

Your suggestion makes a lot of sense, particularly for people who may not be well versed in Bitcoin but see an opportunity to make some pips.
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