informedtrades

Bitcoin Breaks Out of Triangle; Breakout Looms

BITSTAMP:BTCUSD   Bitcoin / Dollar
167 1 0
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.
Muwa
2 years ago
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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