informedtrades

Bitcoin Breaks Out of Triangle; Breakout Looms

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             has broken outside of its descending triangle , and has pulled back to a major resistance level . Personally, I'd look for candlesticks for insight into the next move, though a volatility play might be effective here as well, as the confluence of trendlines , horizontal support/resistance lines, and key moving averages trigger enough activity to move the market considerably. For the bulls, I'd want to see a close above resistance and these key moving averages before officially going long.
Most bitcoin traders work on logarithmic scale due to the volatile nature of bitcoin. On log scale it still within the major descending triangle.
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