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 $ 19330. If the pattern continues, the price of Bitcoin ( BTCUSDT ) might reach the support levels of $16000, If the trend reverses, then the price of Bitcoin ( BTCUSDT ) may rise to $22800
BTC has recently been subjected to increased selling pressure, owing to a lack of buyers in the current structure. As a result, we can expect BTC to go as low as $16,000 USD. The new entry would be above 22800$ or close to 16000$.
Strong Note : Bitcoin Is Bullish Above Only 22800$.