BTC approaching the end of the descending triangle

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After exiting a 40 days long falling wedge on April 8th we had a 4 day sideways trading before today's breakout. Even though we've seen a spike today all the way from 6940 to 8100 in less than 45 minutes, we have to keep in mind that we're still in the long term downtrend that is pointing towards support zone around 6500. Stochastic RSI also alerts us to be cautious as it's in overbought zone.

MACD has crossed and it's pointing upwards which is indeed a bullish sign especially after BTC touched the bottom for the second time. For those of you who might be fresh in the world of trading, double bottom is a bullish pattern that is a strong signal of the coming uptrend.

Market is very unpredictive nowadays and it's hard to say anything, but it's clear that we're in a pretty big descending triangle which is a bearish pattern . The triangle will culminate on April 27th. I have to point out though that we might exit the triangle at any point before this date. In order to go up we will need a huge volume followed by some extremely bullish news so there is not much we can do but stay alert and keep trading within the descending triangle .

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