Signs on the 4h chart pointing to BTC breaking the triangle pattern. This could result in 1 of 2 things.
Reversal: There's a decent chance that we see BTC start a new market cycle, given the constricting of the MACD ever since Dec '17. This will either be a breakout (treating the current wedge as accumulation) or begin a new accumulation phase in which price may trade within a range. Given the volatility of crypto as a whole, i expect the former.
Major Trend Continuation: Looking at the "bigger picture", this triangle could be seen as a bear flag to the major trend that started its downward fall 4 months ago. If so, there lies potential for a great breakdown of price in BTC. Breaking through the bottom of this triangle would make the level a major resistance on any attempted recovery in the future.
We will have to wait only a few more days to see which direction Bitcoin is going to go.
Feel free to post any counter-ideas or tell me why my analysis differs from yours, I'd love to hear it!
Reversal: There's a decent chance that we see BTC start a new market cycle, given the constricting of the MACD ever since Dec '17. This will either be a breakout (treating the current wedge as accumulation) or begin a new accumulation phase in which price may trade within a range. Given the volatility of crypto as a whole, i expect the former.
Major Trend Continuation: Looking at the "bigger picture", this triangle could be seen as a bear flag to the major trend that started its downward fall 4 months ago. If so, there lies potential for a great breakdown of price in BTC. Breaking through the bottom of this triangle would make the level a major resistance on any attempted recovery in the future.
We will have to wait only a few more days to see which direction Bitcoin is going to go.
Feel free to post any counter-ideas or tell me why my analysis differs from yours, I'd love to hear it!
Comment:
Hey would ya look at that? $1k in an hour sounds like major movement to me.
Trade closed: target reached