$BTC Descending Triangle Formation - Breakdown Target - $37,500
$BTC is in a downtrend on the weekly, daily, and 4H time frames suggesting more downside to come. If $BTC breaks down from this Descending Triangle formation, the measured move would take price down to $37,500.
From there, over the course of the next couple/few weeks, I believe we would see further continuation down to the low $30K range, then a nice bounce.
I believe $BTC will see more immediate downside if it prints a 4H or higher time frame candle below the prior 4H low and horizontal support zone at $40,700.
We can see RSI and Stochastics are simultaneously breaking their relevant trend lines... maybe no bounce before a breakdown.
From there, over the course of the next couple/few weeks, I believe we would see further continuation down to the low $30K range, then a nice bounce.
I believe $BTC will see more immediate downside if it prints a 4H or higher time frame candle below the prior 4H low and horizontal support zone at $40,700.
We can see RSI and Stochastics are simultaneously breaking their relevant trend lines... maybe no bounce before a breakdown.