Bitcoin: Classical Bearish Triangle

Over the course of the last few weeks it was relatively uncertain what Bitcoin was going to do. One thing was sure: Bitcoin had a relatively bearish outlook after the greatest run in a couple of years.

At the moment, it's becoming more clear that the pattern Bitcoin is following resembles a bearish triangle; a classical bearish break-out pattern. The main base of the pattern appears to be the 29K support line, with another support around 30k. The 30k support has given in previously, so i'd classify it as a weaker support than the 29K one.

I don't expect the price to blast through the 29K support yet. There's too much buying power in the market for a major sell off. However, at the end of the pattern things could go south very rapidly. I'm expecting some fireworks in the beginning days of February.

Happy trading!