KQMarkets

Bitcoin - Neutral - Still in Descending Triangle Pattern

BITFINEX:BTCUSD   Bitcoin
We still see Bitcoin in a descending triangle pattern therefore we are going to hold our neutral view as we see how the market develops. If the market were to fall below the $10000 psychological level and breach the $9422 support level at the base of the triangle we expect further downside. However, what is encouraging in terms of long term potential upside is that Bitcoin has been somewhat stable recently given it's volatile nature.

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