Bitcoin Analysis [UPDATE 16-04-2018]

So I was about to post a chart on the 15 minute timeframe to my TradingView account about a potential short trade opportunity. However, just as I posted the chart the price of BTCUSD dropped and hit targets!!! [true story]

Now that the downside breakout has occurred already (and after a nice profit), BTCUSD could be setting up for a further downside that presents another opportunity to short against the market. I would suggest waiting for a small retracement to the origin of recent downside breakout before entering short.

(Right-click and open image in new tab for full-size)

Follow this analysis on TradingView: https://goo.gl/o3uStC

You will also note a head and shoulders pattern could be forming with a neckline on the $8,000 level which on completion, a projected target would see a price drop to $7,500.

There is a strong possibility the head and shoulders pattern could overshoot targets and capitulate towards the $7,000 level.

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.