Bitcoin (BTCUSD): Yet Another Triangle

11 Jul 2017

My recent Triangle-based setups have proved very efficient. XRPBTC chart:

ETHUSD chart:

Now we see the coiling price action in BTCUSD. These wave analysis labels suggest lower prices for BTC as part of an A-B-C correction. My criteria for going short is the break of 2307 level (candle close below). Also drawn on chart is Andrews' pitchfork, which is used as trend channel.

11 Jul 2017

Nota

The link to the second chart was incorrect. The correct ETHUSD chart:

After the initial breakout, price returned to test the upper trendline. It is often the case with Triangles, keep it in mind.