Bitcoin (BTCUSD): Yet Another Triangle

11 Tem 2017

My recent Triangle-based setups have proved very efficient. XRPBTC chart:

ETHUSD chart:

Now we see the coiling price action in BTCUSD. These wave analysis labels suggest lower prices for BTC as part of an A-B-C correction. My criteria for going short is the break of 2307 level (candle close below). Also drawn on chart is Andrews' pitchfork, which is used as trend channel.

11 Tem 2017

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The link to the second chart was incorrect. The correct ETHUSD chart:

After the initial breakout, price returned to test the upper trendline. It is often the case with Triangles, keep it in mind.