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BTC Descending Triangle Breakout
As foretold in my previous analysis, Bitcoin broke out of the descending triangle towards the upside, hitting the first line of resistance just above the 0.5 Fib level.
What we can expect now is a quick correction towards the 10.8k - 10.2k level as this is the next support region. However, If that support is broken, expect BTC to correct back down to the 9.5k region.
From what I can see is that Bitcoin may be forming a much larger descending triangle pattern.
But if the resistance from the trend line is broken, we could see Bitcoin reaching as high as 13.4k (or 0.382 Fib Line). Reaching the second line of resistance.
Good Luck all!
What we can expect now is a quick correction towards the 10.8k - 10.2k level as this is the next support region. However, If that support is broken, expect BTC to correct back down to the 9.5k region.
From what I can see is that Bitcoin may be forming a much larger descending triangle pattern.
But if the resistance from the trend line is broken, we could see Bitcoin reaching as high as 13.4k (or 0.382 Fib Line). Reaching the second line of resistance.
Good Luck all!
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