Bitcoin this week has made a interesting move this week and after defining a good support line a few weeks ago (the upward sloping line of our triangle), it has now come back to re-test this support level. In fact it has left a perfect pin bar with the long tail just kissing the support line.

The particularly interesting thing that has happened this week is that with world markets in uncertain times causing them to falter and pull back a little, Bitcoin seems to have found its own strength and broken this correlation between the general market sentiment and the USD.

It will be interesting to see if Bitcoin has uncoupled from the markets over the following weeks, and also to see if it gets anywhere near the downslope of our triangle.

As always, make your own trading decisions and I wish you the best of luck.