If the decending triangle plays out, there is also a valid that looks like it actually wants to play out as well on the daily. A break of this pattern would send us to as low as 4.5k as that is also a break of the 800 on the daily and the 21 on the weekly. The 200 weekly moving average is sitting at the low 5k level as we have never broke below it. I can see us wicking below it for the first time but ultimately being defended and closing above it.
This TA seems to also coincide well with the last long term analysis I posted back in April. Check that one out as well and I hope you have a great time trading.
Please give me a like if you have enjoyed this TA and I will be sure to post more in the future.
Once we make a higher low on the macro scale I am convinced we will start to discover acceptance higher than 10k as we have spent less than 3% in bitcoin's history above 10k. Cheers! That is all!
this is not trading advice but I have limit buy orders waiting.
Also, the order books are already stacked pretty heavily in the mid 4k region.