Pullback 2 Reload for Breakout (Bat detected)We have a valid Bat pattern on the 1H chart. I`ll reload in that area.
Long: 437-439
SL; 435.72
Target: 443 (and possible breakout)
For the risktakes: You can short CD :)
Okcoinusd1w
Possible Scenario - Falling WedgeThis is starting to look like one massive falling wedge, for which Bitcoin is famous for. Although it is a bullish pattern, the last one we found ourselves in during the summer of 2015, failed miserably (with a Bitfinex stop run below $200). This time around I tend to be an optimist, expecting a great buying opportunity between $300 - $320. Of course I assume there will be a significant amount of chop and and squeezing within this wedge.
Good luck!
If BTC can't break 2951, then history will repeat.Red lines = everytime MACD (11,24,11) divergence has gone below -10 after being up > +10. As you can plainly see, it's pretty rare that the 1 day MACD is unreliable with these parameters. This recent fall has tried and failed multiple times to get past the 2951CNY mark. If we use 11/10 as a guide BTC would be going down 20% to around 2330---however I'm at least a little more optimistic that it will, at worst, bounce on the 2450 (or maybe simply 2500) fibonacci support line before climbing back up.
Bear in mind (no pun intended) that the 1 week MACD is due for a drop though, meaning things could get perilous real fast.
Is this what is happening with Bitcoin?I suspect we are witnessing a massive inflow of South African Rand into Bitcoin, which becomes quite evident in the above chart. The Rand has already reached record lows against the US dollar, and could show further weakness. Although I am expecting a pullback in BTC eventually, this bullish trend could continue for some time.
For further info watch the following CME youtube report: www.youtube.com
FUN FAKE FUTURES TRADESMACD and RSI are both overbought let's take it down five bucks over the period of a day and end up completing our triangle at $217 on April 20th.
