Looking at the , you can see that BTC has been continuously suppressed by the 50 (in orange.) In fact, the 50 has been acting like a brick wall that BTC just can't seem to get above. As a testament to the extreme resistance of the 50 and 200 EMA's, let's take a look at the candle that broke out above the triangle. I've marked it as a "Failed Breakout," because BTC rallied all the way above the 200 (in purple) but failed to close there, reversing to form a big . Since then, BTC hasn't even been able to close inside of the wick of the candle (Distribution Zone,) and it has drifted back below the 50 . So, this action is showing us where the sellers are (Distribution Zone.) Despite a technical breakout above the symmetrical triangle, the bulls are basically nonexistent. There hasn't been any follow-through. No . No momentum. It's basically a lifeless breakout. However, all is not lost for the bulls. We can also see that BTC is holding the top of the . So, perhaps BTC will find support there, and begin to trade higher, but the bulls really need to show some interest, because if the buyers don't buy, the sellers WILL sell.
The forward path is clear. If BTC begins to creep into the distribution zone, and ESPECIALLY if it closes above the distribution zone, that would be a very positive sign for the bulls. Contrarily, a break back into the apex, below the triangle and the rising black trendline, would be catastrophic for the crypto space. That would pretty much confirm the breakdown of the symmetrical triangle, solidifying lower prices for the future. Remember, descending triangles are continuation patterns, which typically produce continuations to the downside. We've seen a weak breakout, which could easily be erased. So, exercise caution with your trades.
As a final note, I think it's healthy to remind you all to be cautious of extreme sentiment. I've seen so many articles claiming that 5,000 percent gains are right around the corner and so forth , but without even as much as a higher high on the chart, and in the midst of a devastating bear market, such claims are extremely foolish at best. So relax. Let the chart show us what it's going to do. When we start seeing some higher highs, then we can discuss a reversal in the market trend. Until then, there is no reason to assume that we won't continue lower. I wish you all the best.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Have a great day.
May LIFE bless you.
All the best for you.