wedgelence

BTC/USDT Breakdown from 10 Month Triangle on 1-Day Chart

Short
BINANCE:BTCUSDT   Bitcoin / TetherUS
Since Bitcoin's all time high in November 2021, BTC has been trading in a large descending triangle (which is of course a bearish pattern). The previous all time highs in December 2017 and December 2020 have provided consistent downside support (although there have been a few quick breakdowns below the this $20k level between June and September 2022). Now this 10 month triangle on the 1-day chart has reached its apex and broken to the downside (despite a quick fake-out on September 13, 2022). More downside is expected to retest lower levels.
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.