nulltxmark

Bitcoin Breakout at the End of October?

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Very simple chart with 2 basic trend lines . The green is the support line, I believe the $6,000 level is the most solid support we've had this year. Time and time again, bitcoin continuously refuses to go under that level. On the other side, we have the bearish triangle. Check out this chart which does a great job showing it:
After drawing estimated trend lines from both these levels, they meet towards the end of October. I would imagine Bitcoin will either breakout then or hit new lows. While it's hard to predict the most likely outcome, decent volatility is expected at that time. Because the $6,000 support line has been so solid these past months, Bitcoin has a strong chance of finally breaking out of this bearish triangle and establish a new trading range.

Comments

It could go either way. The break of which line (red or green) will cause the most damage? That's they way it will go in my opinion.
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