Is a Symmetric Triangle forming for Bitcoin

26 Mei 2015

It's not a perfect shape in the making but definitely something to keep in mind. Symmetric Triangles can break one way or another and picking a direction is a dangerous assumption that could cause tunnel vision on expectations, but here is the rational for the forecast.

The Symmetric Triangle is forming after a significant down move from the $300+ area. The trick to picking a directions on this pattern is that you want to go with the momentum. We have had a long term down move (16 months), Intermediate term up move (5 months, since the January lows) and a short term down move (2 months since the March highs). So would you say this triangle is happening on the downswing or the upswing? For me 2 out of 3 are down so it's on the down swing and hence statistically, it is more likely to break to the downside for a target that should match the January lows.

Yes, like everyone else i would like to see the price of Bitcoin finally reverse, but we might just have to eliminate all the week hands and proclaim Bitcoin DEAD with everyone short before we can get another exponential wave higher.

Good luck traders. See the latest short articles at BraveNewCoin:
bravenewcoin.com/news/bitcoin-price-analysis-week-of-may-26/

Tone Vays
LibertyLifeTrail.com