The above chart of Bitcoin ( BTCUSDT ) laid out the descending triangle pattern. This pattern is often regarded as a characteristic of a bearish trend . It is formed by the upper trend line that connects the highs and a horizontal trend line connecting lows converges to form a triangle. If the price action breaches the lower support level , the bearish trend would be sustained.
Currently, Bitcoin ( BTCUSDT ) is in the range of $ 20250. If the pattern continues, the price of Bitcoin ( BTCUSDT ) might reach the support levels of $24700, If the trend reverses, then the price of Bitcoin ( BTCUSDT ) may rise to $17700
BTC has recently seen an increase in volume in the trend, which may indicate that the bottom has been reached. Price is currently consolidating between 20,000$ and 20,400$, which is another good sign at the bottom phase for a trend reversal.
According to the current structure of BTC, if it breaks the trend line resistance, the price of BTC may rise to 24.7K$.
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