Hello Crypto Friends!
Sooooo April is here already...
My last post had a bearish outlook on BTC. I admit i took a loss on that trade as the Head and Shoulders pattern was negated. But that is part of trading right. You can't be right 100% of the time and you must always be looking in every direction.
April has been historically a very bullish month for BTC, if you look back over the last 4 years you will see a nice green candle on the monthly chart, maybe it has something to do with the RAM and the BULL horoscopes ?? XD
I would like to point you at a post i made previously HERE.
This was the chart i had -
Lets look at this chart now-
So It seems this chart is spot on and we should be using this for future trading. Notice we bounced off the bottom of the wedge/ bottom of the ascending channel.
Also note how we are now above the mid line of the descending channel.
Now all eyes on the top side of the wedge 👀👀
The level is around the $7450. Which if we look back, we can see when we broke this level we got a very nice ride up to 10k.
Things to support this bullish breakout - April being a bullish month especially with the Halving coming at the end of the month.
I could see this going up to the top of the descending channel by the end of the month, then a big sell after the halving event or just before!
On the flip side -
We could see a rejection here, and come all the way down to the bottom of the wedge also the 618, before seeing this pattern start to break upwards.
Here's a 1 hr chart i am using to base my trades off-
I am very bias to the upside at the moment.
See the big red wave (this is accumulation)
See the falling wedges on the RSI and also on price action.
That 618 retrace is lining up very nicely with the bottom of the channel. This is where i am looking to enter my trade long with a very low risk stop loss.
We might not see it hit that low, I will bee keeping a close eye on 0.5 fib and the wedge breakout.
If this level breaks i will be looking to the downside.
However i think the probabilities of breaking upwards are much higher.
Weekend price action now, so it will be slow for the next day or 2. Maybe a slow steady fall down to the 6500-6600 area before the blast off.
Happy Trading!
