According to my latest analyses BTC is still in the bear phase of its cycle and based on my model is set to break the multi-month lows in an attempt to find its bottom in the 3-5K area. For short-term traders, there is an opportunity to trade the break of the triangle. Can be both ways, but personally, am going to trade only the breakdown.
Wish all a great trading day.
Wish all a great trading day.
Note
Update: As expected there was a break of the projected triangle. A quick trade for those who traded the break-up. Now we can see a strong bearish divergence, which alongside with the retest of the downtrend line is an extremely bearish sign.The new idea is to trade that divergence, with a SL above the down channel (Daily chart).
Note
For a better confirmation and to minimise the risks the short trade can be opened if the upside of the channel would be reached, as there is a possibility that the triangle will play out like a flag pattern, which has a target projection exactly touching the channel. But there is still possibility that the price will retrace from the current levels of 6800.Note
Mistake:a pennant, not a flag)Trade active
Update: As expected the price bounced back from the 6800 area, and reached almost 50% of the projected target in less than 2 hours.Note
Update: Check my new chart !!!!
Note
Sorry, not mine - thats a good analyses looking at the much longer term pictureNote
Here is my update: 
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Disclaimer
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.