entertheroach

BTC - Will history repeat itself for a 3rd time?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The big question is..... will history repeat itself for a 3rd time?

If we look at the BTC Daily Chart , at the moment, it looks like BTC is in a massive Descending Triangle , its apex is around October - Dec 2022.

For those that don’t know, a Descending Triangle is a Bearish Chart Pattern.

BTC needs to CLOSE back ABOVE its Descending Trend-line! If BTC cannot manage this, then BTC will continue to create Lower Highs pushing the price closer to the Horizontal Support Line that is the Base of the Descending Triangle .

As we have seen twice before, a break below the Base of the Descending Triangle leads to around a 47% drop for BTC .

Now, I am not saying that this is going to happen, but what i am saying is that i know what BTC needs to do to keep it from happening a 3rd time……. which is a successful CLOSE ABOVE the Descending Trend-line, and then the price needs to stay ABOVE it and continue making Higher Highs and Higher Lows.

It’s as simple as that.

I hope this is helpful with your trading and hodl-ing.