That being said, I have drawn on the chart what I believe to be in store for Bitcoin and this is how I will trade it.
Pink box needs to hold in the next few weeks - smart money bought the dip and will be the main driving force here to take us back to the top to test the most recent highs.
If the Pink holds, we can expect a further area of accumulation in the Yellow box. This area will be where I will be looking to reload my Bitcoin longs and hold in preparation of rising prices. We may revisit this box 2/3 times before price climbs higher.
The lines are poorly drawn(Sorry) but should show what I am expecting this year.
If this triangle plays out over the next 6 months it will be an explosive move upwards - similar to June '16. I do not yet have any price projections but if I had to hazard a guess, anything over $2200 would be the area I will look to unload a large portion of my Bitcoin holdings.
Any comments and or critics are welcome and encouraged, help me to improve while Bitcoin rises. :)