Wednesday, June 4, 2014

BitStamp Bitcoin Price Daily Chart Sideways Symmetrical Triangle

The green sideways symmetrical triangle was highlighted as it developed with the only question which way would price break out. The red descending triangle was in play but price kept avoiding the base line failure and continued higher honoring the sideways triangle pattern instead. The vertical side of the triangle is 180 handles. Price commits to the bull side at 450+ so the target is 630 (450 + 180) which is achieved. The circles highlight strong volume days. The 450 price level is very solid support. Also 530-ish and 575-ish. Bitcoin will likely stagger sideways. Watch to see if it can hold the 575, if so, then a sideways range of 575-700 will likely develop. If 575 fails, a sideways move through 450-650 may develop.

Bitcoin receives a boost after AAPL reverses decisions made months ago and now will allow selective apps to employ bitcoin. Big wigs in Silicon Valley are backing bitcoin so they must have gave the strong arm to Apple. Bitcoin should always be viable and successful if it stays above the 450 level and especially above the 530 level. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

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