BTC - Descending Triangle
I'm bullish long-term on BTC.
That said, descending triangle is in play on the daily which is bearish and suggests we go down to the 18.5k mark and quite possibly lower.
Support is holding nicely but sell pressure is getting stronger and stronger and it's getting close to a breaking point (T-2 weeks tops).
Fact remains that BTC is 70% down from its ATH and accumulating here is great - keeping in mind you will never buy the absolute bottom.
If descending triangle doesn't play out, then we will be back to bouncing between support (green) and resistance (red) - good for short to medium term trading. Buy on support, sell on resistance, rinse and repeat.
That said, descending triangle is in play on the daily which is bearish and suggests we go down to the 18.5k mark and quite possibly lower.
Support is holding nicely but sell pressure is getting stronger and stronger and it's getting close to a breaking point (T-2 weeks tops).
Fact remains that BTC is 70% down from its ATH and accumulating here is great - keeping in mind you will never buy the absolute bottom.
If descending triangle doesn't play out, then we will be back to bouncing between support (green) and resistance (red) - good for short to medium term trading. Buy on support, sell on resistance, rinse and repeat.
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