The breakdown is more likely (would give it a 70% chance). On the way down we can meet support at ~9600 since we have the 200 coming there + horizontal support + ascending trendline. Don't think it could hold the price.
The conservative measured move from the triangle is ~10%. That would take us straight to the 294, which is the 21 on the weekly chart. (Review our idea called "BTC Parabola Broken!" to see how it supported the price during the previous bull market)
10k has been huge support, but with each test it becomes exhausted.
is also forming a symmetrical . Recommend to watch it on the 4h. Keep an eye on potential breaking down. It may happen even before the price action.
Going above 10.5k invalidates the case. If we break this triangle to the upside, then we could count on one more lower high and nothing more as of right now.
Also, guys, here is a task for you: BTC has been consolidating since late June. How many Head&Shoulders and iHead&Shoulders patterns can you find there on the chart?
Write your answer in the comments below!
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The information given is never financial advice. Always do your own research.