MoonTrader
Long

Triangle + long trendline support

BITSTAMP:BTCUSD   Bitcoin / Dollar
247 3 1
I'm a novice trader, so any input is appreciated. I'm long on BTC , as I believe it will break upward out of this triangle. It could make a sharp move down to the long trend, but I don't think that's likely unless there is bad news. Incidentally, the end of the triangle lines up with the SR auction.

I realize I'm drawing these lines on the candle wicks instead of the bodies, but I think it's sometimes important to include the wicks when they are significant enough, meaning it wasn't a flash crash but a reflection of the actual market rate at that time. That's why the long trendline is drawn against the SR bust in April 2013 (not shown) and continues to act as major support, as shown here by lining up with the recent bottom of 339 and the launching pad of the recent breakout.

Input is appreciated. Cheers.
johnrfraser
2 years ago
Hi, I'm one of apparently few who look at longer term timeframes in linear scale...I know a lot of the 'pro's are looking at the same trendline you have here (teal coloured one) on log scale, which brings it a lot closer and more like your dotted line...indeed it appears to be on target for 27th :-)
+1 Reply
MoonTrader
2 years ago
That's true. I forgot to use the log scale here, but I feel like it's a small enough time frame where it's still basically the same. I switched it to the log scale and it was a little different, but not that much.
Reply
norok PRO
2 years ago
Price is consolidating prior to whatever will happen at the auction Friday. Traders are staying out until more is known. 553 is what I have marked as support.
Reply
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