Bitcoin - BTCUSD - Pattern Forming?
Greetings!
BTCUSD seems to be forming a descending triangle pattern in the 4h timeframe which should complete by Boxing day. The RSI has also been declining as shown at the bottom. The probabilities in this case are favoring the bears more than the bull unless this is just as things have slowed down due to holidays. If things pan out as per the pattern, BTC will breakdown and the support will be around $38K.
We have also shown a possibility that the bottom trendline may not be a 100% flat (green dotted line). We will have to watch the progress of the pattern though to see if that is correct to see if the probabilities change.
However if a breakout closes and confirms above the descending top trendline, bulls may get back in control. Only time will tell but for now, we are more likely to head to $38K.
Note: This is not financial advise and shall only be used for educational and/or entertainment purpose. Please do your own research before investing. Crypto Markets are highly volatile and you are responsible for the risk of losing your entire investment.
BTCUSD seems to be forming a descending triangle pattern in the 4h timeframe which should complete by Boxing day. The RSI has also been declining as shown at the bottom. The probabilities in this case are favoring the bears more than the bull unless this is just as things have slowed down due to holidays. If things pan out as per the pattern, BTC will breakdown and the support will be around $38K.
We have also shown a possibility that the bottom trendline may not be a 100% flat (green dotted line). We will have to watch the progress of the pattern though to see if that is correct to see if the probabilities change.
However if a breakout closes and confirms above the descending top trendline, bulls may get back in control. Only time will tell but for now, we are more likely to head to $38K.
Note: This is not financial advise and shall only be used for educational and/or entertainment purpose. Please do your own research before investing. Crypto Markets are highly volatile and you are responsible for the risk of losing your entire investment.
Comment:
Since our post yesterday, BTC broke out above the descending top trendline but we have to wait today to see a daily close above it as a confirmation.
Comment:
With the recent break out, the bearish pattern has been negated and bulls are back in control - next target $53K