$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.

The Copilot
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