BTCUSD: Short-Term Triangular Price Action

6 พ.ค. 2017

Since the last update, the price has been consolidating within a Triangle pattern. Usually, Triangles are trend continuation patterns, which means new highs are quite possible.It is safer to wait for waves D and E to develop, and go long just above the Wave D top with a stop-loss below Wave E.

Of course, an emerging Triangle can easily be transformed into a deeper Flat-like correction. For me, the break of 1495 would signal more selling pressure with prices heading below previous pivot @1444.