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MichiBTC2021
Jun 11, 2021 11:09 PM

Double traingle with trend to dump Short

Bitcoin / U.S. dollarBitstamp

Description

Within the big triangle from my last idea. A small triangle is formed on the 1h chart. The lower trend line is quite steep, which indicates that it is unrealistic that it holds. This would intiate a dump to technical price target of 33.600, which is clearly below our support on Fib levels on the last price actions at 36800 and 35200.

If the btc break-outs on the upper side of the small triangle, then it might be rejected at the big descending triangle. Thus not a good chart situation for a bullish run.

Thus I am bearish
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