Descending Triangle on BTCUSD (really ugly)
Descending Triangle on 4Hrs (240min) Chart is looking really ugly, there is now enough evidence to believe that Bitcoin might be heading down to $21-22K as a TA target of the triangle.
Unless the bulls take over within this week, we are going to dip really good to test 2017 all-time high (which is still healthy in my opinion), that would be the worst-case scenario. However, there is some weak support between 27.5K -25.5k but I don't think it will hold for more than a bounce maybe.
Note: I wouldn't SHORT Bitcoin at this time, it's going to be extremely volatile if it breaks down and it could find a bottom and bounce really hard at any level before.
Unless the bulls take over within this week, we are going to dip really good to test 2017 all-time high (which is still healthy in my opinion), that would be the worst-case scenario. However, there is some weak support between 27.5K -25.5k but I don't think it will hold for more than a bounce maybe.
Note: I wouldn't SHORT Bitcoin at this time, it's going to be extremely volatile if it breaks down and it could find a bottom and bounce really hard at any level before.
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