FieryTrading

🔥 Bitcoin Moment Of Truth: Reversal Or New Low?

BINANCE:BTCUSDT   Bitcoin / TetherUS
My recent Bitcoin analyses have been relatively bullish . However, we're still in a macro downtrend, so being cautious for potential bearish continuation will never hurt.

In this analysis I want to take a look at a lower timeframe ascending triangle . Ascending triangles are classically bearish reversal patterns, so we should keep in mind that once the price breaks out through the support there's a decent probability that BTC will fall back to $20k or even lower.

However, since the stock markets saw a massive move yesterday we can assume that investors are happy to take on more risk. Since BTC is a risky asset we could see a bullish break out of the pattern. Expect resistance around $23k.

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