This is still plotted as a Descending triangle over a symmetrical triangle. You just continue to hit the same support zone while maintaining a lower high trajectory. This is a very bearish pattern ladies and gents. I am not in a long position, nor a short one right now. I am waiting further confirmation and a trade set up. I am not seeing a trade set up as of yet. You are currently testing $9,650 as resistance which was once support. You had an impulse down with upsloping consolidation. This looks to be a Bear flag, but time will tell. I'd personally look for one more impulse down and form bullish divergence before taking a position. Those targets could be at around $9130ish or at $8500ish. These are likely targets where I'd take a position if I saw the variables for it! Until then, I am not in a short or a long position for now. I don't know how likely it is to break below the support zone of the triangle yet, but it could happen. Until then, we are sitting in the support zone and seeing no demand whatsoever. This is not good. Maybe we'll see more demand at $9k-$9130ish and worst case scenario for the bulls at $8500ish support. I don't think it would be wise to break below the support range, even if we rally upon reaching further support as this gives btc the opportunity to test the Descending triangle (current support range) as resistance with further movement to the downside. It is not certain we'll break below, but it is looking more and more bearish in terms of price action. As for technicals, you are technically showing bullish divergence on the daily time frame, but not the four hour yet. So, we don't want to break below $9130ish support.
Note
Correction, I lowered the support to around 9kish to be a bit more accurate!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.