benm536

Descending triangle pattern

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Here i can see descending triangle pattern forming, this is (NOT A TRADE IDEA BUT MERELY AN PASSING ANALYSIS IDEA) as the triangle is beginning to take shape we will know when the pattern is valid and complete when it brakes the bottom support area in this pattern. As the descending triangle is a bearish indicator to potential future price action this is further backed by the fact that on the long term daily and weekly charts shows us downtrend momentum, although this maybe true its not to say it wont brake out of the top trend lines and fool us all, this price should be watched closely in the coming weeks to see how it unfolds.

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