NumeroDos
Short

Symetrical triangle will take us to 5.900 (major support line)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi guys,

first of all I need to say that I just started with TA so I'm willing to get better and thus, am happy to learn from all of you.

So, lets start.
BTC             is obviously in a downtrend chanel since a few weeks.
During the last days, a symetrical triangle has been formed, which recently has been broken to confirm the downside direction.
It' currently fighting against the 6.600 - 6.7000 double bottom support.
If it breaks this (which in my opping will happen), it should take us down to at least 5.900 (black arrows), as calculated by the use of the triangle.
At this point it'll hit the low trendline of the big downtrend chanel and at the same time a major support line.
Will be interesting, if it continious the downtrend or if it will bounce back.
Anything could happen.
Stay alert.

I'm looking foreward to your comments.

Cheers,

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