This 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!
Good luck!
Note
After this drop, we just formed another huge triangle. Falling wedge scenario still in play.tradingview.com/chart/ov9uMGDt/
Note
Note
Although the larger falling wedge idea is still in play, it appears a smaller falling wedge is playing out right now. Please see the dotted line in the above chart.
Trade closed manually
The falling wedge in this form, is failing. Trade closed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.