Price vs cumulative usd volume. Volume (horizontal distance) is the same between highs and lows (marked with vertical lines). Apex at 1.4 billion dollars traded on MtGox.
Symmetrical Continuation Triangle - Trending123
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Generally, a triangle pattern is considered to be a continuation or consolidation pattern. Sometimes, however, the formation marks a reversal of a trend.
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Converging trendlines of support and resistance gives the triangle pattern its distinctive shape. This occurs, Kahn explains, because "the trading action gets tighter and tighter until the market breaks out with great force." Buyers and sellers find themselves in a period where they are not sure where the market is headed. Their uncertainty is marked by their actions of buying and selling sooner, making the pattern look like an increasingly tight coil moving across the chart.
What do you guys think ? Which line do you think bitcoin is going to break ?
I think it's interesting how the distance is the same between every high and low so far (the lines are not the same distance apart on a time graph). The chart seems "organic" and what you'd expect in a market with many people each holding a small amount.
This is the first time that I'm trying my hand at TA, so be nice.
looks like the first 3rd of your chart is like 2 years of data scrunched up into the chart. Hardly a fair analysis. lol
