BITCOIN (#BTC): DESCENDING TRIANGLE PREDICTS PRICE DROP
Hello Traders,
BTC update is here. Today we have been looking impatiently for a action, but nothing has happened yet.
Looking at 4H TF, we see that Rising Wedge pattern is still valid, BTC created HH and HL during the day. But the bears did not allow further growth. Now, BTC is stucked between two lines at $ 9000 - $ 8870.
Today I find a more interesting view of 1D TF. I discovered a possible new pattern - Descending Triangle (see Yellow triangle), with the prospect of going down to the price below $8000. If the BTC get throught current S/RL levels, next target will be $10.000.
Conclusion - BTC does not have much room to grow and something has to happen. Spread is diminishing and the fight between bears and bulls culminates. Score is 0:0. Purchase of BTC is now high risk.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
BTC update is here. Today we have been looking impatiently for a action, but nothing has happened yet.
Looking at 4H TF, we see that Rising Wedge pattern is still valid, BTC created HH and HL during the day. But the bears did not allow further growth. Now, BTC is stucked between two lines at $ 9000 - $ 8870.
Today I find a more interesting view of 1D TF. I discovered a possible new pattern - Descending Triangle (see Yellow triangle), with the prospect of going down to the price below $8000. If the BTC get throught current S/RL levels, next target will be $10.000.
Conclusion - BTC does not have much room to grow and something has to happen. Spread is diminishing and the fight between bears and bulls culminates. Score is 0:0. Purchase of BTC is now high risk.
I hope you enjoy my charts, please writte your comments, hit that like button or follow me. Thank you!
