Current pattern suggests consolidation after the Jan 2017 attempt to break all time high. If pattern holds, bull trend continues along with a new attempt to break all time high. Weekly time frame suggests Cup and Handle pattern which would result in new highs. Fundamentals will play out here. SegWit/BU/ETF/PBOC/etc but more importantly, If we don't bust through, how would long term holders handle an all time high double top?
Inside this pattern is currently "market chop" and is dangerous trading. I might consider short term scalps on the sides of the consolidation triangle.
Inside this pattern is currently "market chop" and is dangerous trading. I might consider short term scalps on the sides of the consolidation triangle.
Comment:
As suggested on /r/bitcoinmarkets the ETF announcement could cause a major move, disrupting/invalidating the pattern. Also the time frame does not need to be exact, if the pattern holds the triangle might end up be more/less obtuse, it doesn't really matter, what matters is when the BBands tighten.