Triangular Pattern - ETF Decision

In the Bitcoin market, the formation of a triangular pattern in the 1-hour chart suggests a higher probability of price decline and a deeper dump.
This pattern is often indicative of a consolidation phase, particularly following a downward trend, and points to the continuation of that trend. The upper trend line of this triangle acts as a significant resistance level, while the lower trend line serves as a crucial support.
The approach towards the apex of this pattern could intensify selling pressure, especially if the price is unable to breach the resistance level.
Furthermore, macroeconomic events such as the upcoming decision on the Bitcoin ETF, scheduled for January 10, could inject considerable volatility into the market.
If the market anticipates a negative outcome or the decision turns out to be unfavorable, it could trigger a further decrease in Bitcoin's price. This scenario is compounded by market psychology, where fear of losses can lead to rapid sell-offs, exacerbating the price decline.

This analysis is informational, not financial advice.