BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi guys, This is CryptoMojo, One of the most active trading view authors and fastest-growing communities.
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!

I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.

#BTC UPDATE

BTC break down this descending triangle pattern

What is a descending triangle pattern?
The classic version of this pattern forms a trend line that is sloping and a flat or horizontal support line. The pattern emerges as the price bounces off the support level at least twice. The completion of the pattern occurs after the end of a retracement in a downtrend.

The downside breakout from the support triggers a strong bearish momentum-led decline.

However, this textbook pattern seldom occurs in real markets. In most cases, a descending triangle pattern can also see a sloping base as well. Instead of a flat support level , you can see higher lows being formed.

The illustration below shows what an “ideal” descending triangle pattern looks like, which is often labelled a descending wedge , as well.

In my last update, I mention the 17.5k horizontal support, after that post, BTC Bounced from that support

Currently, it breakout the descending triangle with a successful retest and heads toward the horizontal resistance which is around 17k .

A solid breakout of $17k would be the confirmation of the continuation of bullish momentum in the market, while a rejection will result in further range play.

Stay tuned I will keep updating.


This chart is likely to help you make better trade decisions if it does consider upvoting it.

I would also love to know your charts and views in the comment section.

Thank you
Comment:
A lot of people are selling at a loss. Is it the bottom?
- According to ASOPR, many people are selling at a loss.
- In addition, many analysts analyze that 'the floor has been reached!' based on ASOPR.
- But in fact, 70% of UTxO remains profitable. Only 30% of the total UTxO is lost.
- Many people are selling at a loss (ASOPR), and UTxO's Profit (%) is also on the decline, but it is not yet more than half as lost as in the past.

Although there is a high percentage of selling losses, most of them still retain their beneficiary rights when considering the overall UTxO.

Most of the people who are selling at a loss now are relatively recent participants. The real bottom comes when more than half of investors in the entire cycle, including this, lose money.

Of course, short-term panic can cause a short-term rebound. But will it continue in the long run? I don't know yet

Follow me on TG for trades Setups
https://t.me/CRYPTOMOJO_TA
Twitter:https://twitter.com/CRYPTOMOJO_TA
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.