Sorry, you need to enable JavaScript to visit this website.

BTC/USD crypto trading - Wedge pattern competed - 13 Apr 2018

You are here

BTCUSD crypto trading 13 Apr 2018
5/5 of 5 ratings

The bulls showed themselves

Last week, I was expecting a Bitcoin rally to the 8000 level, and after accusing the bulls of being frightened, they showed themselves aggressively. I would expect that rally to wake up more bulls and then the bears to short it big. You can check my bullish theory from last week when I was targeting 8000.

Top Brokers

forex trading platform

  • FCA Regulated
  • Forex Broker
  • Crypto Pairs
  • $100 Deposit

Visit Broker Review

Falling wedge pattern

If you look on the 4-hour chart, that rally wasn’t a big surprise; it actually completed the falling wedge pattern. In theory, when the price breaks the upper trendline in a falling wedge, we can expect a reversal. It looks like the crypto sharks are also making by-the-book decisions.

At the time of writing, Bitcoin prices are consolidating around the 8000 level. Even if it looks like a bullish momentum, I wouldn’t go long right now. I would probably wait for a big red candle to break that 7500 level and then open a short position targeting 6000.

I am not expecting the boys to short it so fast. They will wait for more buyers to show up. If we really see more buy orders coming, BTC prices could even reach 9000 before dropping again.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

You may also read