Hi guys. This is my first time EVER publishing and its a bit late as the action has already happened. However, as you can see, BTCUSD
was forming a weekly DESCENDING triangle
with tough RESISTANCE at around the 6000 level due to that being a an important level. The price bounced back from this level many times and retested in countless times. This then formed the base of the descending triangle
. Once the price pierced through this level, Bitcoin
plummeted and all hell broke loose. Why you ask did hell break loose - Its simple, price broke OUT of the DESCENDING triangle
and kept plunging. So thanks for reading.