topvaluestaking

Bitcoin is breaking out of the descending triangle - 5000$ next?

Short
BITFINEX:BTCUSD   Bitcoin
Bitcoin has formed a huge descending triangle. Descending triangles are considered mainly as bearish formations especially in bear market like the current one. I am not taking short trades in any crypto market but it seems like the support of 6200-6500$ isn't going to hold this time. The most likely zone of reversal in my eyes is still the 4900$ level and I ll be watching the price action if it gets there in order to buy for the long term. However, the technical target of a triangle breakout is the fat part of the triangle. In this case if we hit the target this is a 5000-5500$ move to the downside which should take as to the 1000$ area. Of course this is an unlikely scenario but in trading you must always be prepared for the unexpected and my money management plan has this scenario calculated as a possibility. You see, I m a long term believer of Bitcoin and if the market give us this huge opportunity of 1300-1000$ bitcoin, I d like to be buying at these levels when the people are panic selling and there is blood in the streets.


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