GLENNVB91

Bitcoin could drop another 34% here's why..

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hellow tradingview,

- After almost 1 whole year of trading inside a descending triangle we finally broke out to the downside and hit the 3000$ target with near perfection.

- Now we can see on the chart above Bitcoin could potential form a new descending triangle .

- After a weak correction to the upper side we topped out at 4245$, we formed a bullish pattern and broke out of it. But selling pressure was so high wich resulted in a big drop once again. At this time i am looking for a double bottom around 3150$ more or less.

- I want to point out that the pattern is still not active YET, if we touch the lower trend-line again which is very likely, the pattern becomes active.
- Quick measurement shows us that a target of 2000$ is very possible for Bitcoin

- Pattern becomes invalid if we break above the upper trendline or break below it.

Safe trading!
Order cancelled

Comments

BTCUSD H4 Correction up. Checkout the idea detail's and all the update's for the complete picture.
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@Boon2, nice chart m8!
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Fantastic work Glen!!
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GLENNVB91 IrenaLouis
thank you @IrenaLouis
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