BitcoinShort
2 descending triangles
My thoughts and speculation on near future of BTC.
Certainly, we are in a bear market, and have been since the previous ATH. I see that we are currently in a clear, narrow descending triangle that doesn't have too much longer to play out, but could be further downside to near that key 30k resistance prior to break up to somewhere around 41k.
That break up will be a dead cat bounce, and will create a parallel channel. Further downside from there, with a much wider, macro descending triangle being created, the bottom being traced back to the price action in the accumulation between May-Jul.
We have always seen BTC bounce somewhere around the weekly 200MA before. That level is currently about 19k. Remains an important milestone I think we go under that now. Other key levels around the bottom are 13k (June 19 peak), but the triangle joins up at around the 10k level, which has been a key support resistance leading up to 2020/2021 bull run. I will be looking to significant volume and RSI indicators around these areas for recovery.
What are your thoughts on this scenario? Let's see how it plays out.
Certainly, we are in a bear market, and have been since the previous ATH. I see that we are currently in a clear, narrow descending triangle that doesn't have too much longer to play out, but could be further downside to near that key 30k resistance prior to break up to somewhere around 41k.
That break up will be a dead cat bounce, and will create a parallel channel. Further downside from there, with a much wider, macro descending triangle being created, the bottom being traced back to the price action in the accumulation between May-Jul.
We have always seen BTC bounce somewhere around the weekly 200MA before. That level is currently about 19k. Remains an important milestone I think we go under that now. Other key levels around the bottom are 13k (June 19 peak), but the triangle joins up at around the 10k level, which has been a key support resistance leading up to 2020/2021 bull run. I will be looking to significant volume and RSI indicators around these areas for recovery.
What are your thoughts on this scenario? Let's see how it plays out.
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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.