Bitcoin Ranging Market Is Over. Get Ready For This Move

11:27 am, Wed, 21 April 21

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Bitcoin Ranging Market Is Over. Get Ready For This Move
Bitcoin price analysis on the 4-hour timeframe

The Bitcoin price has been trading sideways all week after breaking below the ascending triangle, and one of the reasons for this is because;

Investors are becoming a little cautious and risk-averse due to the rising numbers of new coronavirus cases reported daily.

The fear of countries going back into lockdown in a bid to stem this new wave of the outbreak is causing a lot of panic in different industries and the crypto market is seeing this panic spill off.

However, that Bitcoin-ranging market might just be over. Currently, Bitcoin is forming a converging triangle pattern, and this pattern is about to get completed!

Bitcoin Ready To Move

Bitcoin Ranging Market Is Over. Get Ready For This Move
Bitcoin forming a converging triangle pattern on the 4-hour timeframe

The Bitcoin price is getting ready to break out of a converging triangle pattern, this kind of breakout will offer us a high probability trade setup, and since we are still bearish on Bitcoin we will be looking for only opportunities to the downside.

This way we can follow the short-term trend and make money from a potential drop in price.

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Entries and Targets

Bitcoin Ranging Market Is Over. Get Ready For This Move
Bitcoin Ranging Market Is Over. Get Ready For This Move on the 4-hour timeframe

For entries, I want to see a break and close below the base channel of the converging triangle pattern. This would confirm our bearish bias and increases the potential for Bitcoin to keep on heading down.

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Bearish price target for Bitcoin breakout of the converging triangle on the 4-hour timeframe

Our price target for this short term sell trade is the $51,254 price region, which also falls under the level region we have been watching for a while now waiting for the Bitcoin price to break underneat.

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Bitcoin 4-hour key level

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Point Of Invalidation

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Bullish analysis for Bitcoin on the 4-hour timeframe

There is also a very high probability that Bitcoin might just decide to break through to the upside. And while this bullish move is also tradeable, it has a low probability chance of following through because the Bitcoin short-term trend is bearish.

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Ethereum Trading Idea

We made a short Youtube video about the current setup forming on the Ethereum price, this massive move coming, and how to advantage of it right now! Click over to watch

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