This long term support level (red) seems to have acted as a level of resistance as bitcoin tried to gain momentum and move higher in price. The resistance level managed to hold bitcoins biggest push over the past couple of months. The prices seems to have bounced off the resistance level and moved back below the resistance level of the descending triangle, this is not good for bitcoin as it means we could see more bearish moves from this pair over the coming days and weeks. There is a chance that the price could move up from here and form an expanding triangle, this idea is supported by the fact that the RSI is currently at an oversold position. I will update this post with any new ideas.
The price seems to be trying to bounce off the previous resistance of the descending triangle. If this is successful it is very likely that the price would start to form a expanding triangle.