Bitcoin $BTC Descending Triangle - Short Term Target $7999
Short-Term: 404, buyers not found. If Bitcoin
BTCUSD
was going to break into new highs before retesting some lower support, it would have done so at this last peak at $12,250.
Since then bears have been in control, and have formed a descending triangle. Target is very low $8000 range, but given the strength of the move I think BTC price will wick into the high $7000 range before bouncing back toward $9,600 - $10,000 where it will be rejected and confirm former support as resistance.
Long-Term: I believe we will range lower between $6,000 and $10,000 for a couple of months before reclaiming this current trading range of $10,000 to $14,000 is reclaimed. After that, new ATH in early 2020. Then top around December 2020 at $73K range. Next range bottom after that is $13,800 - where we were rejected from in late June.
BTCUSD
was going to break into new highs before retesting some lower support, it would have done so at this last peak at $12,250. Since then bears have been in control, and have formed a descending triangle. Target is very low $8000 range, but given the strength of the move I think BTC price will wick into the high $7000 range before bouncing back toward $9,600 - $10,000 where it will be rejected and confirm former support as resistance.
Long-Term: I believe we will range lower between $6,000 and $10,000 for a couple of months before reclaiming this current trading range of $10,000 to $14,000 is reclaimed. After that, new ATH in early 2020. Then top around December 2020 at $73K range. Next range bottom after that is $13,800 - where we were rejected from in late June.
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