Yesterday morning, we outlined a triangle pattern that had formed in the bitcoin price, and discussed a trading strategy that would see us go at our intraday operations using this triangle as an entry guide. Specifically, if price broke through the parameters of the triangle to either the upside or the downside, we would get in to the markets in the direction of the break and look to target a quick intraday profit on the breakout. Unfortunately, things didn’t quite work out as we’d hoped. Price failed to break in any real way, and we just saw sideways trading throughout pretty much the majority of the European session. Overnight, price ha once again formed a triangle pattern on the short term charts, and we’re going to have another go at the strategy today.
It’s a little more defined than yesterday’s pattern, and it comes off the back of some real up and down volatility, so with any look we will see a decisive break at some point during early Europe and we can get in for a quick profit.
So, with this said, and as we head into the early morning out of Europe, here’s a look at the pattern in question,