Bitcoin Nearing End Of Triangle Pattern. Breakout Imminent?
| Mar 24, 2014 01:51AM ET
An interesting technical pattern is forming on Bitcoin -- specifically Bitcoin (BTC-eUSD) -- that I thought would be worth highlighting. BTC/USD is at its 200 EMA, which coincides with a support level and a descending triangle. The chart below illustrates.
There may be a way to trade the volatility here. A breakout to the upside could extend to $695 before running into formidable resistance, while strong support might not manifest until $402 in the event of a downside breakout.
More and more forex brokers are offering Bitcoin -- one such is AvaTrade (see review). We're monitoring brokers offering BTC and used by our Badge members on our broker review page.
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