Sherem

The BTC descending triangle approaches

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Gentlemen, friends, traders, hodlers. I have been anticipating a fall from this area for quite some time and some of my previous analysis have gotten that right on the money. See below for past analysis. We have been bouncing off this 9.3-9.5k for a while and while I thought it was going to break last time, it rebounded again. While we might get another bounce to the upside. It seems a break down is just a matter of time. The descending triangle pattern is more telling than anything. But what's more is we have a negative MACD on the daily that is about to cross. We also have lagging RSI that doesn't bode well either. Even on the weekly, MACD has crossed to the downside and RSI looks week.

With this type of set up we can anticipate a healthy bounce off the 7-8k area for a bounce back up to the previous support that will be resistance.

Good luck trading, happy hodling.

-Sherem

Oh yeah, smash that like button.
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All my posts are not intended as financial advice, just me sharing what i am doing with my research and positions. Don't stress, pick your points and don't use leverage. Check out my site https://www.halcyontrades.com/
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