Bitcoin Possible Major Movement - April 16th
Updated
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!
Note
Hey would ya look at that? 
1K in an hour sounds like major movement to me.Trade closed: target reached
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