Lets discuss if Bitcoin is in a descending triangle or not

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Right now I see since that Bitcoin are in a descending triangle . It is at least a healthy sine if Bitcoin are. Right now I'm leaning towards bearish short term. It is likely Bitcoin will go up and test resistance at $9700 area and then down to $8800 area to fill the CME gap. If Bitcoin decides to go lower then $8800 I think the lowest Bitcoin will go is $8500. And the $8500 low is the resistance area before we broke down to $7.3k area.

The 50% Fibonacci entrancement level also correspond well with the filling of CME gap and the bottom of my triangle

Right now we are below VWAP which is at $9555. That in it self is a bearish sign so don't expect miracle right now. But in the same time i can see Bitcoin set new yearly high of $14k. But if Bitcoin do shoot straight up from here I don't see it can go higher then $12k and then down to this levels again or 8.5k and then i think Bitcoin will stay down in 8.5k area for a longer period of time.

The death cross that so many Youtubers and famous trader spoke about (but it is silent now) was no threat and it has never been. A death cross is only meaning full if both lines are facing upwards. In this death cross we can see the 200 day (red line) moving average pointing upwards and the green line which is 50 day moving average pointing downwards.

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BTC: 3EV8QGKK689kToo1r8pZJXbWDqzyJQtHy6


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