Bitcoin Challenged: Now the Critical Technical Test

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The Bearish Descending Triangle break is one of the most reliable bearish pattern developments that can occur on a chart. Bitcoin just suffered such an event last month. And now we have the key moment: the reaction.

A bullish trend that has the potential for genuine extension and longer-term success will laugh in the face of such a technical event, quickly shrugging it off and regaining the pattern trigger line -- which in this case is around $9500 on the BTC/USD chart. But a chart that is destined to break lower and resume a bearish longer-term trend will have the opposite outcome. Right now, given the strength in the dollar overall, the odds may be stacked against BTC . Now is the time for it to give us a sign, and retake the level.
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