🔥 Bitcoin's Bearish Triangle Unfolded
Yesterday I made a post on a potential short-term bullish rebound of BTC. The bears to the overhand in the end and the price fell right through the support. It appears that selling pressure is mounting and BTC's outlook is getting worse.
A couple of days ago I made a post on Bitcoin's reversal after the massive sell-off towards 38.5k. Here I argued that the 34k-35k area would be the main area of resistance in the short-term. The orange trend line held, and we're back in the red area of support.
Currently, the price could fall further. The area of support caused a reversal on several occasions, but that doesn't mean that we're unable to fall through it right now.
The more likely case would be that BTC will reverse from this area an move back towards the orange resistance line, following the pattern.
In a later post I'll dive deeper in what could happen after the bearish triangle has been completed. For now, I'm waiting to see how the current bearish move plays out.
Happy trading!
A couple of days ago I made a post on Bitcoin's reversal after the massive sell-off towards 38.5k. Here I argued that the 34k-35k area would be the main area of resistance in the short-term. The orange trend line held, and we're back in the red area of support.
Currently, the price could fall further. The area of support caused a reversal on several occasions, but that doesn't mean that we're unable to fall through it right now.
The more likely case would be that BTC will reverse from this area an move back towards the orange resistance line, following the pattern.
In a later post I'll dive deeper in what could happen after the bearish triangle has been completed. For now, I'm waiting to see how the current bearish move plays out.
Happy trading!
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