$BTC Trying to breakout of an ascending triangle?$BTC already failed a couple of times to break the resistance level. IMO it's do or die time.
BTC_CNY
BTC/USD Bearish SignsBTC/USD is looking a bit bearish at the moment. $470 proved to be resistance once again and has made a lower high at $466 on the daily chart. My concern is the break below this blue dashed line could be a sign of selling to come. The volume is also not matching that of a true breakout from the $420 area.
The DMI has been showing lower highs on the weekly (a sign of decreasing acceleration) for a while and has just registered another lower high. This could be signaling collapse of the weekly uptrend coming.
My belief is this is not the area to be buying, but instead wait for a swift drop in price to happen first or wait for a break above $470 area. I'm not sure how far down a drop in price could be, but if the weekly trend is over it could be very low like $300. Personally I try not to make targets as one can never be too sure how far something will go.
Good luck
BTC/USD Major Trend StartingCurrent indication is that the new major trend is up. My suspicion is a lot of people are seeing the very long term dashed blue trendline as a significant support line. This looks reasonable to me as well as it has much more significance than the newly dashed red trendline, which has been breached on Bitstamp.
The ADX is also at a historic low point, which normally signals a large trend forming. It has already turned up signaling the trend is up (and fits with the monthly uptrend continuing), but obviously this can change at any time. Whatever the final direction that occurs, we can rest assured it's likely to be a rather large move.
My suggestion is to act on whatever trading signals you get this month as they are likely to be quite profitable. Also try not to become married to your position as this could be a fakeout for a large downtrend (it should be very clear if this reverses).
Good luck everyone, hopefully we can say good riddance to this range.
