Bitcoin Price Triangle forms; Infers Upside Bias

In classical technical analysis, an ascending triangle forms either as a continuation pattern midway through an uptrend or as a reversal pattern at the end of a downtrend. A break out of the triangle (i.e. a candlestick close above the upper channel) signifies a pattern completion, and infers a target of at least the height of the triangle in question.
A quick look at the 15 minute price chart on the bitstamp feed reveals just such a pattern, and – therefore – offers up a bullish bias for the latter half of this week. We are currently trading just shy of 237, and approaching the apex of the triangle. The level to watch now is 237.25 to 237.50.

This post was published at NewsBTC on February 19, 2015.