**Bitcoin 1 Month Overhead View**

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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Looking at the long-term price action of Bitcoin , it is seen that BTC's structure develops within a huge contracting triangle pattern .

* Bears have started pushing the price down after a failed attempt of Bulls to retest on a quick march the all-time-high BTC levels.
* After that, the price has formed the local top at $13,800, through which the descending trendline was then possible to be drawn.
* Technically, the long-term picture of Bitcoin's price action looks like it is clenched inside the long-term contracting triangle, descending from the peak of the late'2017 through the local top of Mid'2019.
* As long as Bitcoin is trading above the long-term Midline ($5,800 - $6,200), the market remains in the Bullish Mode.
* Even if the price declines further to the Midline Support around $6,000, we can expect the market to retain this level with great probability.
* In the worst case scenario, the price can hit $5,000, but only in the short-run = drawing 1M or 1W tails, as a result.

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
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