Insights

Chart Patterns and Crypto Currencies

  • Crypto currencies are a hot topic these days and, while I believe the jury is still out, they do seem to have moved from an asset, to an asset class.
  • We’ve been researching the subject for some months now with respect to how it may, or may not be something we need to invest in. It looks like there is still time.
  • For now, let’s look at a chart.
  • This appears to be a potentially excellent set up for a buy, should the chart breakout above the Ascending Triangle.
  • Above all it’s moving averages and looking to break out into a new uptrend.
  • Unfortunately, this is an inverted chart of Bitcoin in USD.
  • Inverting charts is a useful practice to see if you are looking at a situation with a predisposed bias.
  • Ascending Triangles like this are often a good entry point to get into a resuming trend. This inverted chart suggests that Bitcoin fans may want to wait to see how this resolves before jumping in.
  • We’ll have more on crypto currencies in the coming weeks.

 

 

 

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