Bitcoin: Wait to Buy Until It Escapes the Triangle
I'm speaking strictly in technical terms here because I find the pattern interesting -- this is not a comment on Bitcoin's merits or lack thereof.
But with this type of pattern -- i.e. basically a descending triangle -- I like to wait until price breaks above the downward slowing trendline. In an ideal world, price remains above support at $397, but trades in a tight range until it is above the trendline. This could occur sometime in May or June, based on the current trendline. Then, there might be a buy sign.
But with this type of pattern -- i.e. basically a descending triangle -- I like to wait until price breaks above the downward slowing trendline. In an ideal world, price remains above support at $397, but trades in a tight range until it is above the trendline. This could occur sometime in May or June, based on the current trendline. Then, there might be a buy sign.
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