anedjai
Long

BTCUSD Ascending Triangle As Bottom

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Nice bottom here where we can see an ascending triangle forming. Notice also how we are seeing an increase in the volume in regards to the white candles which strengthens the bullish scenario.

Furthermore here is an excerpt from the book 'TA of the Financial Markets' by John Murphy ( pg . 138):

"While the ascending triangle most often appears in an uptrend and is considered a continuation pattern, it sometimes appears as a bottoming pattern. It is not unusual toward the end of a downtrend to see an ascending triangle develop. However, even in this situation, the interpretation of the pattern is bullish . The breaking of the upper line signals completion of the base and is considered a bullish signal. Both the ascending and descending triangles are sometimes also referred to as right angle triangles"
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