Bitcoin Nearing Its Next Leg Up – Crypto Piece
Upside Potential Is More Than Downside Risk
While sideliners are waiting for mid-$50k prices, Bitcoin continues to consolidate in an ascending triangle, which has its apex around the upcoming halving (approximated to be on 20th April 2024). A breakout above would lead to a pattern target of between $86 to $92k.
On the 4-hour time frame, Bitcoin is trying to breakout of a consolidating triangle. While the MACD still hasn’t crossed bullish, if this move confirms then it’s only a matter of time before the MACD follows suit.
Of note is the 2-day bullish RSI divergence, which is signaling that Bitcoin is very likely to at least retest its previous highs from March, which would also mean a confirmed bullish breakout on the 4-hour chart and a potential for the ascending triangle to breakout on the daily chart.
However, these structures aren’t the only factors suggesting that upside potential is currently more than downside risk. Even intermarket analysis is confirming these indications. This is exactly what we’ll cover for our paid members in the next section. We’ll also take a look at a very interesting fractal pattern. As a Money Making opportunity, we’re going to present to you a +100% opportunity in a Bitcoin Miner. Trust us, you DON’T want to miss this opportunity, it’s a VERY high conviction play for us. Lastly, we’ll take a look at Coinbase ($COIN) and its Cycles Forecast to maximize profits there.
We just released our Q2 2024 Cycles Forecast (on https://cyclesedge.com/) for multiple different asset classes and equity names. The introductory article for the quarterly Cycles Forecast can be found here. Please note that our Founding Members have now been emailed these Cycles Forecasts (the full deck covering every name!). If you would like your copy earlier for the next quarter, please consider upgrading to a Founding Member status on our Substack.