Bitcoin loves triangles (they are very accurate the majority of the time).
1.) We just confirmed a mammoth Descending Triangle, which is a bearish signal.
2.) We can either breakdown from here, if we do on strength (large volume) -> Great short setup, with tight stops.
Or horizontal support holds and we consolidate or more, retest resistance or breakout for the bounce we all love.
(The Death cross is getting intimidatingly close too)
Will do some analysis on bitcoin scenarios and post them after this.
1.) We just confirmed a mammoth Descending Triangle, which is a bearish signal.
2.) We can either breakdown from here, if we do on strength (large volume) -> Great short setup, with tight stops.
Or horizontal support holds and we consolidate or more, retest resistance or breakout for the bounce we all love.
(The Death cross is getting intimidatingly close too)
Will do some analysis on bitcoin scenarios and post them after this.