TheCryptoLabs
Long

BTCUSD Descending Triangle Breakout + Pennant

BITSTAMP:BTCUSD   Bitcoin / Dollar
This broke on the upside.

I would take caution as the Descending Triangle is generally a bearish pattern .

I guess the triple bottom at 3, 4 and 6, or A and C of ABC elliot wave correction attracted some buyers and buy volume came in.

Descending triangle generally means demand for an asset is weakening as price fails to establish higher highs.

Price crossed 50, 100, and 200 Moving Averages.

Will wait for more bullish movement or break of pennant to open position, preferably close above 16k or B/5
Kommentar: pennant broke on downside
Kommentar: bounced on 0.382 fib, moving up
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