CopilotThe
Short

$BTC in pull-back mode

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is forming a very large descending triangle, and has been doing it for more than 3 months.

Usually, descending triangles break downwards strongly. This is based on historical data. Now, if we look at the Bitcoin chart, it is very likely to get a larger pullback to $8,500-$8,750 due to the exponential increases had in June.

From The Copilot trading group, we expect the price to test $9,300 during the next week, and to break that evel downwards by the end of September.

Thereafter, there are very large demand zones at lower supports, like $8,700. That might be one of the latest occassions to buy BTC at that price.

Some traders also talk about even larger retracements to $7,000. This might happen, but very likely the demand will reject the price at those levels very quickly by pushing it up. ANd possibly, kicking off the next bull run.


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