Reasoning: -Bearish divergence on the RSI. -Low volume, bulls were unable to break this resistance twice on higher volume. -Was unable to sustain the break above the top of the ascending triangle and price quickly crashed below 11400. -Overall bearish trend and strong resistance area.
I am expecting the ascending triangle to break down and result in a retest of the double bottom at 10k
Set stop loss above 11600. TP1 10300 TP2 9300 TP3 8200
I'm looking at BTC/USDT chart on Poloniex, from Jan 17th to Jan 20th, it was a bear flag, now it looks like another bear flag forming from Jan 23rd to now. Excited to see how these CME futures affect the price.