Triangle broke to the upside

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Going against my earlier idea, this triangle break appears to confirm the upside. It could still be a fake-out, but given the bullish sentiment over the last few weeks, this looks to be a continuation of a larger trend.

That long term resistance line is still to be defeated though. It is around $285, right?
Right. $285 is the resistance for this rally, and defeating that would mean a continuation of the uptrend.
HenrikLolsor MoonTrader
Some folks say that we hit a top? Do you think we will keep going however? I think a slow steady rise like we've had the past few weeks is very bullish.
MoonTrader HenrikLolsor
It's very possible, but we are near a top. Either we go parabolic here or fade away and continue the downtrend.
This is why you always wait for confirmation before taking a trade. I don't trade in the direction of every idea I post because I know my idea could easily be wrong without confirmation. I post on suspicion and trade on confirmation.
+1 Reply
altcoinbonanza MoonTrader
I like that claim MoonTrader. "I post on suspicion and trade on confirmation". Classic! Got to love it.
This is where a lot of noobs lose shirts.. i think we are not out of the woods yet.. depending on auction results i intend to offload some in case this breaks out.. otherwise just sit tight and watch the show.. tim draper and silbert were not agressive in this auction so that tells me these fellas know bitcoin is way overpriced and yet to prove its worthy..
Agrred blackswan. I have closed a few positions but still do have some shorts open. Still keeping an eye on the possible run down.
+1 Reply
I see that. I am watching closely and may close short but not until I see some stability. Thx for heads up.
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