A Dangerous Descending Triangle is Forming in $BTCUSD

19 Nov 2014

While most indicators are now showing that Bitcoin has turned the corner and should now be set for the year-end really, the Technical picture has been deteriorating rapidly on what appeared to be just a pull back a few days ago.

My track record has been beyond poor as my analysis articles indicate by being short two weeks ago:
cointelegraph.com/news/112892/bitcoin-analysis-week-of-nov-9-intro-to-fibonacci

Suggesting that we should see higher prices but instructing to wait till things calm down right after the rally:
cointelegraph.com/news/112918/bitcoin-analysis-mid-week-update-nov-13-manipulation

To turning Bullish this past weekend:
cointelegraph.com/news/112936/bitcoin-analysis-week-of-nov-16-arbitrage

But right now i would do absolutely nothing and see which way the Triangle breaks. Probabilities say it should break down and take us all they way below $300 hence the chart is labeled as a "Short". As you can see, this is the 3rd obvious triangle on this chart with the previous two hitting their price targets after the break Perhaps the target was drawn premature so we will know in a few days.

Good Luck Traders:

Tone [ @Tone_LLT ]