A well formed inverted cup and handle has been created in BTCUSD. This formation is typically a continuation pattern and is less reliable during a bull market. Should the price breach the line at 615 (60+% retracement from cup lip) the pattern should be considered broken. Should the pattern succeed, we should see a drop to the lip of the cup +50% of the...
Our 3m chart is looking very healthy right now following a very impressive short term gain. With the recent bad news of the Gox shutdown exiting the market, it's depressive effect is finally loosening. Paired with the news of london treating BTC as a foreign currency for tax purposes among other factors, we have a market ripe for gain. The currently forming...
Although this pattern is a bearish formation, a clean break of the previous apex or the slope would be a confirmation of a bullish breakout, testing previous highs during the triangles creation. The volume of the rise is low compared to the recent test of the bottom of the triangle at D, but has weakened the upper boundary of the formation significantly. Should...
As shown by the chart, the market is not looking positive in my eyes. While we don't have a perfect descending triangle, it is well formed enough to use as an indicator. Although it is possible we will have an upwards breakout due to positive news rushing in, I consider this unlikely for a couple reasons. The vast majority of news in the past week or so has...
