Symmetrical Triangle
Here on the 12 hour chart we can observe a solidly formed symmetrical triangle. The widely held expectation is that we will see price break out bullish with target #1 at about $420. However, this pattern resolves in the direction of the overall trend- 75% of the time. A top-side breakout could signal the start of a bull market for bitcoin... or we could break lower with the current overall trend still bearish. In the event of a break out to the down side, there is the possibility for a Cypher pattern as strong support should be found at the $300 level. We will be watching with anticipation the price action to come. For a more robust explanation on triangle patterns, go here: stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:symmetrical_triangle
FULL DISCLOSURE: My current position is short.
FULL DISCLOSURE: My current position is short.
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